Deutsche quits EBS Prime

The additional banks that joined in December have led to falling fees being paid by banks using the prime banks and have made the partnership uneconomic, according to Andy Coyne, head of FX prime brokerage at the bank in London.

"When you have 16 prime brokers fighting over the same market, prices will inevitably come down," he said. "With the extra banks on the platform we did not see it as a lucrative enough opportunity to justify our continued presence on the platform." He added that the