PIPS

PIPS

EBS expects to launch an electronic forward rate agreement (FRA) matching service early in October, say sources. The EBS FRA product is initially expected to offer three-month interest rate contracts in five currencies: US dollars, Deutsche marks, Japanese yen, sterling and the euro. The new service will use the same trading platform as EBS's existing spot FX matching service and looks set to rival the exchange-traded interest rate futures markets of the Chicago Mercantile Exchange, Liffe,