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EBS launches FX trading system in Australia

EBS launches FX trading system in Australia

(15 June 2004 – Australia) Foreign exchange trading technology company EBS has launched its trading system in Australia with the aim of snaring greater share of Aussie dollar trading across its Spot system. EBS chief executive Jack Jeffery, who flew to Sydney for the official launch, said the Aussie dollar had become a truly global currency.

"There’s almost as much activity in the London market in Australian dollars as there is in Australia so it’s truly becoming a global market," he told BankingNews.

"It has always been in the top seven or so currencies traded in the markets but it’s becoming increasingly important to the marketplace in general. Our role is to facilitate the market and ensure we provide the full suite of service to those customers in all the major currencies.

"We’re trying to bring traders liquidity, competition and the kinds of technology they say they need for their currency trading," Jeffery said.

The UK based company was formed 11 years ago as competition to the then dominant Reuters trading system, partnering with international banks such as ABN Amro, JP Morgan Chase, Royal Bank of Scotland and Citibank, among others.

Jeffery, who was working as a trader in Australia at the time of the flotation of the Australian dollar 20 years ago, said EBS was looking to target Australia’s major domestic banks.

"We worked more closely with the major commercial banks here in Australia than to some extent our partners because we understand how important a role they play in the marketplace. They’re the people we surveyed and asked what it was they needed before we were ready to launch a sustained campaign," he said.

"We also think that our systems will help the local banks gain global recognition, as one screen giving them global visibility will be good for them and they see that as well."
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