Electronic Broking Services (EBS), the largest currency dealing network in the world, has launched an IT system allowing smaller banks - previously hampered by credit restrictions - to trade on global foreign exchange markets.

EBS has over 30 clients on its new system, which was launched on Monday, half of which are new wins. A spokesman for EBS said: "It makes the market more attractive to trade with the addition of more counterparties. It brings more liquidity and adds market value."