| “EBS [Electronic Broking Service] is an unfortunate thing,” says the chief spot trader at one important market-making bank. “Too much information is being given to the market.” EBS was set up in 1992 by a consortium of 13 banks headed by Citibank when it seemed that Reuters would gain a stranglehold on foreign exchange dealing technology. To that extent, EBS has succeeded. There are still more Reuters screens offering electronic brokerage than EBS screens, but at the major banks, EBS has become shorthand for “electronic brokerage”, just as “Reuters” is synonymous with “trading-room screen”. So |
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