Fears about the reliability and speed of EBS, the FX market’s dominant interbank broker, have surfaced since the platform suffered a major outage on August 12. The issue is considered sufficiently serious to have been discussed at a meeting of the Federal Reserve Bank of New York’s FX committee on September 8.
Many market participants believe the performance of EBS, which is owned primarily by a consortium of active FX-trading banks, has deteriorated as a result of increased access to the platform by non-bank users and black box systems.
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