NEW ELECTRONIC BROKING SERVICE (EBS) REACHES MILESTONE WITH FORMATION OF PARTNERSHIP
NEW ELECTRONIC BROKING SERVICE (EBS) REACHES MILESTONE
WITH FORMATION OF PARTNERSHIP
NEW YORK, March 25 /PRNewswire/ -- The Electronic Broking Service (EBS) project has been formally endorsed through the establishment of a partnership of the project participants. The formation of the EBS Partnership is a significant milestone. It represents members' commitment to ensure effective competition in the electronic broking market, and it culminates two years of research and development undertaken by Bank of America, Barclays Bank, Chemical Bank, Citibank, Credit Suisse, Lloyds Bank, Midland Bank, J.P. Morgan, National Westminster Bank, Quotron, Swiss Bank Corporation and Union Bank of Switzerland.
The Electronic Broking Service has been designed by Quotron and member banks to meet the needs of the global foreign exchange dealing community. Primarily, the service will provide bank traders with an electronic facility to trade foreign exchange anonymously. Additionally, EBS will offer a ticker of last-dealt prices at which deals have been executed over the trading service.
A number of important features make EBS unique compared with other vendor systems currently under development. Prices shown to traders are automatically pre-screened for counterparty credit. Credit lines are maintained at the bank site, while a distributed system of architecture will help market the system resilient to individual component failure. The screen-based product is based on the Quotron F/X Trader platform and will initially be delivered on F/X Trader workstations.
EBS is scheduled to be launched in early 1993.
/CONTACT: Roxanne Taylor of Quotron Systems, 212-898-7212, or Peter Bartko, chairman of EBS, 071-438-0746, for Quotron/ CO: Quotron Systems, Inc. ST: New York IN: FIN SU: PDT SM-OS -- NY011 -- 1403 03/25/92 09:34 EST