EBS, the currency trading platform owned by Icap, has attempted to further distance itself from predatory high-frequency trading with a second set of changes to its rulebook, as competition in FX markets intensifies.

Gil Mandelzis, chief executive of EBS, set out a two-year plan for reviving the platform's fortunes in a statement in May. For the year to date, average daily turnover on EBS was down 11% from 2011 levels, as of the end of July.