FX primary venues seek reversal of fortunes
EBS and Refinitiv fight to restore market share—but bilateral trading may be too entrenched, dealers say
Everyone can admire a good comeback, whether or not you like the result. Take the New England Patriots’ improbable victory from 28-3 in Superbowl LI or Ben Stokes’s Ashes-saving innings at Headingley in 2019.
Now, the two interbank trading venues for spot foreign exchange, EBS Market and Refinitiv Matching, are hoping for their own redemption story after years of dwindling volumes and questions over liquidity.
The platforms have embarked on an overhaul of their infrastructure and product range
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