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EBS Central Post Trade (CPT) FIX API will be integrated with CME Group systems. This content describes considerations required to migrate to the integrated EBS CPT FIX API.

The FIX API has been designed as backward compatible for all Bilateral and Prime customers. 

For Prime Banks, a specific case has been fixed for EBS Direct LPs (makers); otherwise the messages are also backwards compatible.

The field content format may change per trading venue. 

Additionally, there are general product changes which means that some features will no longer be supported.

Current Floor Code values will be replaced with the Globex Firm Identifier (GFID) value. Generally, the actual identifier value will remain the same as Floor Codes will covert to the same value GFID.

Revision History

June 14, 2021Updated intro text about GFIDs.
April 12, 2021Initial Publication.

General Differences

For both EBS Direct and EBS Market:

  1. Clients will see increased latency, as all tickets are routed through our main data center before distribution. Latency is not expected to exceed 1 second.
  2. The Prime of Prime workflow will be correctly supported. The impact of this change would only be for Prime of Prime banks who would now be able to receive their own tickets. Today banks have to be set up to receive tickets for each of their prime customers.

As EBS Market integrates with CME Globex, note the following changes:

  1. Counterparty Trader IDs will no longer be provided on tickets to Bilateral parties (i.e., non-prime parties). Trader IDs were already omitted on Prime tickets. In other words, only Prime Brokers will see the Trader ID of their clients. To avoid an API change, the Trader ID will be replaced with the constant: “EBS”.
  2. Match tickets for eFix trades will no longer be provided, so associated fields in the FIX API will not be supported.
  3. Trade ID (EBS Deal ID) is no longer unique for 50 years but will remain unique for 4-5 years. The format will change to an integer of up to 10 characters (today’s format is AAAA-BBBB-CCCC-DD – alphanumeric characters).

As EBS Direct is being upgraded to EBS Direct 2.0, the following changes are occurring. All changes below (except for #1) apply to the LP side and all are non-breaking:

  1. Support for Forwards and Swaps will be dropped in line with the feature set for EBS Direct 2.0.
  2. LPs will see their counterparty and client overrides as set in the LP Admin tool (known as LPM).
  3. LPs will see their pricing segment IDs where today they see a floor code. This will reflect that pricing segments are not managed by floor anymore.
  4. LPs will see their GFID in a standard field (present on all other tickets).
  5. PBs of LPs will see a synthetic trader ID for the LP to support the prime of prime workflows.

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