Electronic FX broker EBS has broken off its year-old relationship with Cicada for the development and marketing of an enhanced version of the EBS market data price ticker.
Under the terms of the agreement, EBS will assume responsibility for the continuing development, sales and marketing of EBS Market Data to customers - functions previously managed by Cicada. EBS says the decision follows a reevaluation of the size and scope of its market data business strategy "in light of prevailing economic and market conditions, as well as customer feedback."
Cicada recently completed the first phase of the products and services planned for EBS Market Data, centred around the delivery of supplementary data services and improvements in the delivery mechanism.
EBS declined to comment on the cost of pulling out of the Cicada contract.