Volbroker, the electronic dealing system for currency options, has gone live with its six founding sponsors and completed its first inter-bank deal.

The Royal Bank of Scotland and Deutsche Bank, two of the founding banks behind Volbroker, have exchanged a US dollar/yen straddle using the Volbroker service. A straddle involves buying a call option (the right to buy) and selling a put option (the right to sell) where both options have identical exercise prices.