EBS Direct 2.0 is a low latency relationship based trading platform and is backwards compatible with the existing 1.0 platform. The following topics represent a FIX 4.4 compliant specification for market takers to consume liquidity from EBS and market makers to provide liquidity to EBS clients. These topics should provide connectivity analysts and developers with the detail needed to integrate quickly with the EBS Direct platform using the FIX API.
EBS Direct 2.0 Taker API - Key Events and Dates
This table includes a high-level description of functionality included in each EBS Direct 2.0 Taker API release. For more details on deprecated functionality and new functionality see the EBS Direct 2.0 Taker API Rules of Engagement.
Core ECN Market Data and Trading.
- ECN style matching logic which routes orders to one or more LPs on clients behalf.
- ECN style Market Data allowing for prices from multiple LPs on the same Market Data stream.
- Incremental Market Data Updates (only Snapshot is supported on Pass-Through).
- LP Matching Priority
- Cross Market filtering (by default this is OFF) to avoid crossed books being sent to clients.
- Precious Metals
- Ability to subscribe to notional market depth using MDEntrySize(271) - this supersedes the NoMDRungQty(12001) functionality which has been deprecated in EBS Direct 2.0.
- Resting Orders