Industry trading platform - EBS

When Reuters announced in the late 1980s that it was planning to introduce an electronic matching platform to the voice-broking world of foreign exchange trading, the industry welcomed the move, not least because of the lower fees it was likely to bring. But it baulked at the possibility that one company might monopolise the market. So, the chief dealers at 12 top-tier banks, including Barclays, HSBC and UBS, got together and came up with a plan. They would each invest $50 million and build

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