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EBS plays gold card

Article Date:  Jun 29 2000

Electronic foreign exchange dealer Electronic Broking Services is about to enter the $6 billion-a-day gold market. EBS customers will be able to trade spot gold against the US dollar from Monday week, July 10, and silver will follow soon.

EBS has decided to put precious metals onto its spot automated dealing system on the initiative of several of the banking groups which constitute the EBS Partnership, These include Barclays Capital, Chase Manhattan and UBS Warburg,

Spot gold against the US dollar will be the first metal traded in the system. Spot silver against the dollar should follow shortly.

Benoit de Vitry, managing director of Barclays Capital, is typically enthusiastic. 'As an active market maker in precious metals, we are happy to support this initiative, which we believe will introduce more efficient dealing practices and lower execution costs to our dealing system.'

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