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The client experience

What the clients think of EBS Prime Professional pilot programme is largely unknown; the prime brokers are closely guarding their identities. What the prime brokers, and others, are revealing, though, is that several have been somewhat taken aback by what they found.

"If clients expect to come on here and get a one-pip spread on a $200 million trade they are going to be disappointed. This system lends itself to high-frequency trades. I fully believe and expect that customers with large orders will value and use their relationships with the banks to get those trades done. They respect the bank traders' skill and professionalism."

One of the prime brokers involved in the pilot says: "Our client rang us up, said something must be wrong, as they weren't seeing the liquidity. We told them that was how it always is."

After years of looking longingly at EBS prices and assuming anything is possible if only one could get access, the buy side is having to get used to the idea that, just perhaps, it's not the answer to all of their dreams.

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