ICAP plc (IAP.L), the world’s premier interdealer broker and operator of the leading spot FX trading platform EBS, announced on Tuesday that it has expanded its global reach with the first EBS Prime customer in the Middle East. Saudi Hollandi Bank, based in the Kingdom of Saudi Arabia, has just gone live on EBS Prime. EBS Prime is a facility that enables customer banks to view and trade on the best prices available to the world's leading FX banks on the EBS system. Access to tighter prices and a greater depth of liquidity from the world's leading market making banks offers customers increased revenue opportunities and liquidity, improving their competitive position in the market.
ICAP has also received regulatory approval to provide electronic broking services in the Kingdom of Saudi Arabia, Kuwait, the United Arab Emirates and Bahrain. ICAP first became active in the region in 1976 with the establishment of an office in Bahrain. ICAP currently offers voice broking services in G7 and Middle Eastern fixed income and foreign exchange products including spot, forwards, deposits and off balance sheets.
Waleed Khoury, General Manager, Middle East and Africa, ICAP Electronic Broking said “ICAP is delighted to welcome Saudi Hollandi Bank as an EBS Prime customer. This will continue to cement Saudi Hollandi’s position as a tier one FX dealer. EBS Prime will also ensure that Saudi Hollandi has access to the best prices available in the market and the highest level of liquidity.”
Bernd van Linder, General Manager Treasury, Saudi Hollandi Bank, said “Saudi Hollandi, which was the first bank in the Kingdom of Saudi Arabia, is very pleased to now be the first bank in the Kingdom and the Middle East to become an EBS Prime member."
ICAP is a leading trading venue for spot FX, forward FX, FX options and non-deliverable forwards for both electronic trading and voice broking. The EBS platform is an award-winning, screen-based anonymous dealing system for professional spot traders. Trading volumes on EBS have grown strongly in 2007 in the face of increased volatility in the markets – with daily volumes reaching a record of $ 450 billion on 16 August. Average daily volume in September 2007 was $192bn.