The linear and nonlinear properties of the obliquely propagating electromagnetic ion/ion cyclotron instability are investigated. The instability is driven by the relative, field-aligned streaming of two ion beams and can exist at a lower velocity threshold than the more commonly studied, parallel propagating electromagnetic ion beam instabilities. It is shown that the instability plays an important role in the formation of, dissipation at, and waves upstream of slow mode shocks. Possible application of this instability to ion beams in the plasma sheet boundary layer is also briefly fiscussed. ¿ American Geophysical Union 1990