UPDATE 1-ICAP's EBS buys funds-focused Molten Markets

Mon Oct 5, 2015 1:17pm EDT
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(Adds comments from EBS executives)

By Patrick Graham

LONDON Oct 5 (Reuters) - ICAP-owned trading platform EBS took another step into the asset management sector on Monday with the announcement it had purchased Molten Markets, a specialist in foreign exchange trading technology for funds and other investment managers.

The company gave no value for the deal, which adds to the efforts EBS has made over the past three years to build on its traditional stronghold in interbank foreign exchange trade.

EBS managers said the deal would clear the way for a new push by the company with the world's biggest asset managers, several of whom they said were already committed to using the full execution and management system it would now provide.

"With the backing of EBS BrokerTec, we already have a number of clients lined up waiting for this announcement, ready to come on board," said Simon Wilson-Taylor, CEO of Molten Markets, who joins EBS BrokerTec in New York as head of EBS Institutional FX, as part of the deal.

He said Molten Markets' system, which has to be integrated with infrastructure at banks and asset managers, removes further human elements of the otherwise automated trade that now dominates 90 percent of the $5 trillion a day currency market.

"This is a full execution management system where clients can organise all of their upstream and downstream processes," Wilson-Taylor said.

"This had largely been a manual process which has been semi-automated by platforms like FX Connect, but it has never been fully digitised. That's what we've cracked with Molten Markets, but in the past we have lacked the scale to fully leverage the solution, this is where EBS BrokerTec comes in."   Continued...