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LEHMAN BROTHERS JOINS EBS CONSORTIUM; TWELFTH MAJOR FOREX MARKET-MAKER INVESTS IN TRADING SYSTEM

 NEW YORK, April 15 /PRNewswire/ -- Lehman Brothers becomes the twelfth leading foreign exchange market-maker to join The EBS Partnership, adding its name to a prestigious list of banks and institutions which, with Quotron Foreign Exchange, have committed more than $45 million to developing its electronic broking service.
 EBS is a joint effort bringing together major suppliers of interbank foreign exchange liquidity and a leading supplier of transaction processing technology.
 EBS was established to influence the way that electronic dealing of foreign exchange develops and will offer an anonymous electronic broking service for spot foreign exchange in all major currencies. The EBS Dealing System combines features of current voice broking services with the technology of electronic dealings systems. Prices are displayed on a screen to potential counterparties and deals are completed either through a trader hitting the buy or sell key or through automatic matching of market maker prices. The system was developed and refined with the direct participation of over one hundred foreign exchange traders from EBS banks.
 On committing to EBS, Chris Deuters, Head of Global Foreign Exchange at Lehman Brothers said: "Our decision to join the EBS Partnership was a natural business development given the importance of global foreign exchange to the firm's overall capital market strengths. As an EBS Partner we will be better able to leverage our market-making position with customers worldwide. EBS makes this possible because of two factors: First, the EBS Partnership is committed to ensuring effective competition in the foreign exchange electronic broking market. Second, we believe that liquidity is essential to the success of any trading system and EBS Partner banks account for over 33 percent of all foreign exchange business conducted throughout the world everyday."
 The EBS Partners are subsidiaries of:
 ABN-AMRO Bank Lehman Brothers
 Bank of America Midland Bank
 Barclays Bank National Westminster Bank
 Chemical Bank Quotron Foreign Exchange
 Citibank Swiss Bank Corporation
 Credit Suisse Union Bank of Switzerland
 J.P. Morgan
 -0- 4/15/93
 /CONTACT: Peter Bartko, chairman of EBS Partnership, in London, 071-438-0746 or Michael Togher, vice president of Quotron Foreign Exchange, in New York, 718-248-3100/


CO: Lehman Brothers; EBS Consortium ST: New York IN: FIN SU:

WB -- NY029 -- 6116 04/15/93 10:22 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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