ICAP buys EBS currency brokers for $775m

London-based inter-dealer broker Icap has bought currency broker EBS for $775 million in cash.

EBS, based in London, operates a spot foreign exchange dealing system, which handles approximately $130 billion in forex transactions per day. Icap says it will merge EBS with its own electronic broking business, a move it estimates will save $32 million in annual costs by 2009. The takeover is Icap's largest since 2003.

Michael Spencer, the chief executive of Icap, says: "We have been very clear that

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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