Electronic trading company EBS BrokerTec, part of U.K.-based ICAP, is entering the corporate treasury management business. In an announcement made late last week, EBS BrokerTec revealed that its foreign exchange operations have merged with ICAP-owned MyTreasury. The combination, the companies said, has resulted in EBS Treasury, which itself is the culmination of MyTreasury’s enterprise money market platform combined with EBS’ foreign exchange services.
EBS Treasury will provide streamlined services for banks to tailor pricing to their business clients using foreign exchange pricing from EBS’ forex trading platform, EBS Direct. The companies said the new treasury management platform will allow businesses to more efficiently source forex liquidity and will easily integrate into their existing treasury management systems.
“I am confident this newly integrated offering will prove to be a valuable and exciting platform for corporates wanting access to the FX markets,” said MyTreasury CEO Justin Meadows in a statement.
According to reports, EBS Treasury is now seeking regulatory approval to operate and expects to formally launch later this year. Already, several banks and corporations have agreed to participate on the platform as it operates in beta phase.
According to ICAP CEO Michael Spencer, the launch of EBS Treasury through the merging of existing business operations is part of the firm’s overall strategy of strengthening electronic money management platforms for the corporate community.
“MyTreasury has been a small stand-alone company within the ICAP group for a number of years,” Spencer explained. “The merging of the MyTreasury business into EBS BrokerTec is another step in our program to fully integrate and align the capabilities across the ICAP Group, realizing significant revenue and cost synergies and leveraging the full scale of our products and services.”