According to the whisperer, the main loser is Icap’s EBS spot platform. This surprises me, but if it was true it shows just how quickly the FX market is evolving. It only seems like yesterday that I argued that EBS, which at the time was still predominantly owned by its user banks, had the potential to be the de facto FX market.
However, while EBS remains the biggest single pool of spot liquidity, things have clearly changed substantially since it was set up to prevent Reuters from achieving hegemony in FX.
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