EBS eFix Hits New High Volume Mark

EBS says that its eFix Matching service, which allows banks to net client risk ahead of FX benchmarks, most notably the London 4pm WMR Fix, handled a new record in volume on January 31.

The service, which EBS says has recorded a 20% increase in trading volume in both 2020 and 2021, handled $25.3 billion at month end for January, surpassing the previous high of $19.7 billion at the end of November.

“Clients turn to our eFix Matching Service to automate their price fixings amid continued geopolitical uncertainty and resulting volatility in the FX markets,” says Jeff Ward, global head of EBS. “Client adoption of the eFix Matching Service has consistently grown year-on-year and we are pleased to provide the market with a transparent, electronic venue to manage their fixing risk.”

With EBS most notable for its position in the EUR, JPY and CNH markets, the increased matched volume may explain why, in The Full FX’ monthly comparison of the Siren and WMR month-end fixings, the potential savings for EUR/USD over the longer window were significantly smaller in January than other currency pairs and, indeed, previous months. EBS does not provide a breakdown of the currency pair activity on eFix, but if it did indeed attract a lot of EUR/USD flow, this would all be volume not executed both ahead of, at during, the WMR benchmark window.