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一提到外汇交易系统，大多数中资银行外汇交易员的第一反应，就是“路透外汇自动交易系统”。但现在情况改变了，EBS这一高端外汇交易平台也开始出现在他们口中。“EBS引入了100万美元交易门槛的交易系统，这说明国内的外汇交易比以前活跃多了。”工行上海市分行一位资深外汇交易员表示。
EBS亚太区营运总裁蓝国聪昨日告诉《每日经济新闻》，9月8日中信实业银行加入了EBS公司的全球电子交易系统，正式成为EBS Spot及EBS Prime的客户。依据这一系统，中信实业银行可以在国际外汇交易中获得更优惠的价格和更强的流动性，交易币种包括美元、日元、欧元及瑞士法郎。
“我们认为中国外汇交易市场的潜力很大。”蓝国聪表示，虽然进入中国市场的时间还很短，但EBS已经和包括中信实业银行在内的3家中资银行签订了合作协议，其中还有一家是四大国有银行之一。
EBS和路透是国际上两大外汇交易平台供货商。“这两家是主要竞争者，其他的平台规模都要小得多。”中国银行上海市分行国际业务部一位人士表示，EBS在全球的交易量要比路透大，每天平均达到1200亿美元，但在亚洲，路透渗透得更广一点。“应该分币种来看，在英镑、小币种方面，路透较强，而美元、日元和欧元，则EBS更具竞争力。”他说。
蓝国聪先生表示，EBS占有美元银行同业交易额的70%，日元银行同业交易额的90%，而且其最大的优点是“快”。EBS在交易高峰时期，每分钟有高达500至1100次的交易指令，所以可以为银行提供非凡的流动性。
然而，以前国内大部分银行都使用路透的外汇交易系统。建行上海市分行一位人士透露，路透在中国银行业覆盖更广的一大原因是路透在今年5月，与中国外汇交易中心合作，为其量身定做了一套外汇交易平台，供外汇交易中心的会员使用。这意味着，外汇交易中心的会员如果选择外汇交易中心买卖外汇，就必须使用路透的系统。
“以前即使不在外汇交易中心买卖，我们也会选择路透，因为EBS的交易门槛太高了。”工行上海市分行一位国际业务部一位人士表示，EBS的单笔交易门槛高达100万美元，这对国内的银行来说偏高了，但是由于国内的外汇交易市场渐渐活跃起来，外汇交易量比以前大了，使用EBS的银行也会越来越多，毕竟它系统的交易速度要快得多。
银行可获更具竞争力的报价
EBS亚太区营运总裁蓝国聪表示，通过EBS提供的EBS Prime系统，信用等级一般，甚至较差的银行，可以通过使用EBS Prime银行的信用，在交易商获得更具竞争力的价格。简单来说，大家都喜欢跟信用好的银行交易。EBS Prime银行的信用都非常好，可以在系统上看到更好的报价，而一般客户可以通过付费的方式，借用EBS Prime银行的信用，从而获得更好的交易价格。
全球电子交易系统EBS与中信实业银行签订合约
全球电子交易系统，银行同业及专业交易团体的市场信息方案提供商EBS，今天宣布中信实业银行正式签约成为EBS Spot及EBS Prime的客户。
中信实业银行是一家中国的商业银行，是中国中信集团所属的全资子公司。截至2005年6月，中信实业银行资产总额达人民币5636.1 亿元，特别是在资金及资本市场业务方面素以创新和交易活跃著称。现在，中信实业银行的目标是在全球外汇市场交易中扮演更为活跃的角色，尤其是EBS Spot系统上的G7(西方7国: 美国、德国、日本、法国、英国、加拿大、意大利) 的交易货币。
作为EBS Prime服务的客户，中信实业银行可以于大部分国际外汇交易中获得最优惠的价格和非凡的流动性，包括美元、日元、欧元及瑞士法郎。
中信实业银行可以直接跟17家EBS Prime银行其中之一建立紧密交易关系，在交易上获得最具竞争力的价格及流动性。
EBS亚太区营运总裁蓝国聪先生表示:“我们非常高兴可以跟中信实业银行签约，这是一项重要的开始；首先，对于中国主要的银行来说，这是极具意义的一步；其次，此举更加印证EBS提供了最佳的模式去带领更多的银行同业进入全球的外汇市场。”
“EBS占有美元银行同业交易额的70%，在美元，欧元及日元等货币上均提供非凡的流动性。成为EBS 的客户后，银行在市场上会占有相当的优势，从而降低风险，增加收入。”蓝国聪先生解释。
中信实业银行总行资金资本市场部资金业务部总经理孙炜先生说: “ 我们一直致力于不断创新以保持在资金资本市场业务领域处于国内同业的领先地位，同时增加利润及经济效益。成为EBS Spot及EBS Prime的客户后，我们可以获得更大的流动性及更具竞争力的价格，为我们银行带来更大的收入和利润。”
EBS使用者包括分布在全球的800个交易场所及超过2000名的交易员，在EBS Spot交易高峰时期每分钟有高达500至1100次的交易指令 ，而其在亚洲区的网络正在迅速增强。
利用EBS Spot系统进行外汇交易(每天平均有1,200亿美元的交易)，提供了非凡的流动性及现货外汇市场信息。
除了在中国获中信实业银行和蒙特利尔银行成为EBS Prime客户之外，东京三菱银行最近亦成为了第一家亚洲的EBS Prime银行。
十七家EBS Prime银行包括有荷兰银行、美国国际集团(AIG)、美国银行、巴克莱投资、贝尔斯登、 东方汇理金融、 花旗集团、瑞士信贷第一波士顿投资银行、德意志银行、 汇丰银行、JP摩根投资银行、 美国雷曼兄弟、 苏格兰皇家银行有限公司、瑞典SEB银行、法国兴业银行、东京三菱银行及瑞士银行。
Trading in London accounted for 36.7% of the total, making London by far the most important global center for foreign exchange trading. In second and third places respectively, trading in New York City accounted for 17.9%, and Tokyo accounted for 6.2%.
Turnover of exchange-traded foreign exchange futures and options have grown rapidly in recent years, reaching $166 billion in April 2010 (double the turnover recorded in April 2007). Exchange-traded currency derivatives represent 4% of OTC foreign exchange turnover. FX futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are actively traded relative to most other futures contracts.
The Foreign Exchange Interbank Market
How does a bank offset risk?
Similar to the way we see prices on an electronic forex broker’s platform, there are two primary platforms that interbank traders use: one is offered by Reuters Dealing and the other is offered by the Electronic Brokerage Service (EBS). The interbank market is a credit-approved system in which banks trade based solely on the credit relationships they have established with one another. All of the banks can see the best market rates currently available; however, each bank must have a specific credit relationship with another bank in order to trade at the rates being offered. The bigger the banks, the more credit relationships they can have and the better pricing they will be able access. The same is true for clients such as retail forex brokers. The larger the retail forex broker in terms of capital available, the more favorable pricing it can get from the interbank market. If a client or even a bank is small, it is restricted to dealing with only a select number of larger banks and tends to get less favorable pricing.
The interbank market is the top-level foreign exchange market where banks exchange different currencies. The banks can either deal with one another directly, or through electronic brokering platforms. The Electronic Broking Services (EBS) and Thomson Reuters Dealing 3000 xtra are the two competitors in the electronic brokering platform business and together connect over 1000 banks. The currencies of most developed countries have floating exchange rates. These currencies do not have fixed values but, rather, values that fluctuate relative to other currencies.
The interbank market is an important segment of the foreign exchange market. It is a wholesale market through which most currency transactions are channeled. It is mainly used for trading among bankers. The three main constituents of the interbank market are
the spot market
the forward market
SWIFT (Society for World-Wide Interbank Financial Telecommunications)
The interbank market is unregulated and decentralized. There is no specific location or exchange where these currency transactions take place. However, foreign currency options are regulated in the United States and trade on the Philadelphia Stock Exchange. Further, in the U.S., the Federal Reserve Bank publishes closing spot prices on a daily basis.
Electronic Broking Services (EBS) was created by a partnership of the world’s largest foreign exchange (FX) market making banks. Approximately USD 200+ billion in spot foreign exchange transaction, 1.5 million oz in gold and 7 million oz in silver as well as 35,000 ounces of Platinum and Pladium is traded every day over the EBS Spot Dealing System. It was created in 1990 to challenge Reuters’ threatened monopoly in interbank spot foreign exchange and provide effective competition.
EBS’s closest competitor is Reuters Dealing 3000 Spot Matching (aka D2 or D3). The decision by an FX trader whether to use EBS or Reuters D2 is driven largely by currency pair. In practice, EBS is the primary trading venue for EUR/USD, USD/JPY, EUR/JPY, USD/CHF and EUR/CHF, and Reuters D2 is the primary trading venue for all other interbank currency pairs. It’s worth noting that the currency pairs traded on EBS account for the bulk of the spot interbank market.
EBS was the first organisation to facilitate orderly black box or algorithmic trading in spot FX, through an application programming interface (API).
EBS was acquired by ICAP, the world’s largest interdealer broker, in June 2006. The acquisition will combine EBS’ strengths in electronic spot foreign exchange with ICAP’s Electronic Broking business to create a single global multi-product business with further growth potential and significant economies of scale.
This platform will provide customers with more efficient electronic trade execution, reduced integration costs and give access to broad liquidity across a wide product range.
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