JPMorgan, along with two other banks, will be the first prime
brokers on a new inter-bank prime brokerage service from EBS.
Historically prime brokerage had been limited to the Hedge Fund
market. However, over the last couple of years it has become an
increasingly diverse product because of the growth of FX
e-commerce. It has now taken another big step by entering the
inter-bank market with the launch of the EBS Prime Broker product.
The credit-dependant nature of the EBS spot market means that
many banks are unable to access the true depth of liquidity in the
market. EBS prime broker has addressed this problem by allowing the
top credit rated banks, such as JPMorgan, to act as a prime broker
and let other banks trade on any price with any counterparty that
the prime broker can.