The Wall Street Journal – By Eva Szalay – June 4, 2012
LONDON—Six years ago, ICAP PLC Chief Executive Michael Spencer convinced banks to sell him their EBS currency-trading platform. These days, he is trying to convince the same banks to stay on as customers.
The firm made a series of moves aimed at luring high-speed computer traders and wound up alienating some of its biggest clients, who say the changes put their slower, human traders at a disadvantage. Trading volume is down, and EBS is losing share to smaller competitors.
Last week, a group of five banks, including Deutsche Bank AG and Barclays PLC, said they plan to start a rival currency system that would offer “fair execution for all,” a comment market participants said was a dig at ICAP and EBS.
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