Beginning Sunday, January 28 (trade date Monday, January 29), CME Globex will launch new EBS NDF Market Data channels and reduce conflation intervals for existing NDF credit screened market data channels.  On June 3, 2024, the conflation intervals for the new Ultra channels will be further reduced.  These updates will provide more frequent market data updates to improve price discovery and increase determinism of the execution experience. 

In conjunction with this change, the Minimum Quote Life (MQL) will be reduced on applicable products.  For more information regarding upcoming Minimum Quote Life (MQL) updates consult the EBS Market on CME Globex Notice.

Contents

Revision History

Date

Description

November 28, 2023Key Events update
October 18, 2023Initial publication.

Key Events and Dates

Date

Milestone

Monday, November 6 

New Release Launch

  • New channels 
  • Conflation interval update #1
Sunday, December 17
  • New production MDP 3.0 UDP channels begin publishing heartbeats for network connectivity testing
Sunday, January 28

Production Launch

  • New channels 
  • Conflation interval update #1
Monday, April 29

New Release Launch

  • Conflation interval update #2
Sunday, June 2

Production Launch

  • Conflation interval update #2

Testing and Certification

Certification is not required.

Summary of Impacts

  • NDF CME MDP Conflated TCP Credit Screened conflation messaging reduced from 100 to 50 milliseconds
  • New 20 millisecond conflation interval Ultra SEF NDF channels.  The new Ultra SEF NDF channel's conflation interval will be further reduced to 5 millisecond on June 2, 2024.

Impacted Market Data

The new market data impacts are highlighted in green.

EBS Market on CME Globex Market Data Services

MarketChannel IDMarket Data Group Option(s)Conflation Interval Update 1 (January 28, 2024)Conflation Interval Update 2 (June 3, 2024)Description
EBS Market OFF SEF NDF London

530

CME MDP 100 Millisecond Conflated UDP - EBS Ultra OFF SEF NDF

-

-

  • 100 millisecond conflated messaging
  • 5-Deep Market By Price (MBP)
    • Not Credit Screened
  • Trade Summary Messages
  • UDP Multicast Connectivity 
  • Simple Binary Encoding (SBE)

520

NEW - CME MDP 20 Millisecond Conflated UDP - EBS Ultra OFF SEF NDF

20 milliseconds

5 milliseconds

  • 20 millisecond conflated messaging
  • 5-Deep Market By Price (MBP)
    • Not Credit Screened
  • Trade Summary Messages
  • UDP Multicast Connectivity 
  • Simple Binary Encoding (SBE)

534

CME MDP Conflated TCP - Credit Screened OFF SEF NDF

50 milliseconds

-

  • 100 50 millisecond conflated messaging
  • 3-Deep Market By Price (MBP)
  • Credit screened - client systems will only receive price levels where there is tradeable quantity
  • Trade Summary Messages
  • EBS Best prices - top bid and ask offers available to all client systems
  • TCP Connectivity 
  • Simple Binary Encoding (SBE)
EBS Market ON SEF NDF London

531

CME MDP Conflated UDP - EBS Ultra ON SEF NDF

-

-

  • 100 millisecond conflated messaging
  • 5-Deep Market By Price (MBP)
    • Not Credit Screened
  • Trade Summary Messages
  • Embargo Rule to delay trades
  • UDP Multicast Connectivity 
  • Simple Binary Encoding (SBE)

521

NEW - CME MDP 20 Millisecond Conflated UDP - EBS Ultra ON SEF NDF

20 milliseconds

5 milliseconds

  • 20 millisecond conflated messaging
  • 5-Deep Market By Price (MBP)
    • Not Credit Screened
  • Trade Summary Messages
  • Embargo Rule to delay trades
  • UDP Multicast Connectivity 
  • Simple Binary Encoding (SBE)

535

CME MDP Conflated TCP - Credit Screened ON SEF NDF

50 milliseconds

-

  • 100 50 millisecond conflated messaging
  • 3-Deep Market By Price (MBP)
  • Trade Summary Messages
  • Credit screened - client systems will only receive price levels where there is tradeable quantity
  • EBS Best prices - top bid and ask offers available to all client systems
  • Embargo Rule to delay trades
  • TCP Connectivity 
  • Simple Binary Encoding (SBE)

Contact Information

For technical development support, contact Certification Support for Electronic Trading (CSET).

For production requests, please contact the Global Command Center (GCC).

For all other inquiries, please contact Global Account Management (GAM).


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