EBS BrokerTec, ICAP's electronic foreign exchange (FX) and fixed income business, has announced the addition of Standard Bank as the first South African liquidity provider (LP) on the EBS Direct platform.

As LP on EBS Direct, Standard Bank can now offer its customers access to a liquidity pool in both major and emerging market currencies, increasing liquidity and improving pricing and certainty of execution.

Tim Hutchinson, Head of eFX, Global Markets at Standard Bank, said: “As a leading market maker in the South African rand, it is vital for us to be present where our customers choose to transact, and EBS Direct is a significant avenue which is continuing to grow in popularity.”

“Based in Johannesburg, our 24 hour trading desk is well positioned to provide customers with access to the best liquidity and our regional expertise,” he said.

EBS Direct currently offers 86 currency pairs including spot FX, NDFs and precious metals.

It has proven to be an excellent vehicle for growth in pairs that historically have been ‘non-core’.

The EBS BrokerTec global footprint alongside the customised, tailored liquidity available through EBS Direct enables reliable pricing for emerging and local markets.

Jeff Ward, Global Head of EBS Direct, said the addition of Standard Bank helps to expand and reinforce EBS Direct’s position in emerging market currencies.

“We look forward to working with them to provide greater pricing options for our customers. EBS Direct has helped to shift the playing field for EBS BrokerTec and allowed the market to see the business as a strong pricing provider beyond EBS BrokerTec’s traditional G3 currencies,” he added.

EBS Direct has seen average daily volume increase from $5bn in April 2014 to $17bn in May 2015.

The platform now has 24 liquidity providers and over 350 liquidity customers using the service with an additional 200 new customers in the pipeline.