The eFix Matching Service is EBS’s answer for real-time management of benchmark or fixing risk.

eFix allows users to enter their client fixing orders into a pool of segregated fixing liquidity – matching in real-time with counter-interest – ahead of a benchmark’s calculation and subsequent publication. Users can customize their view to allow for eFix access alongside standard EBS Market panels for residual balance execution where required.

Key features

• Available benchmarks can be selected from our highly intuitive search bar, with following fields for currency pair, size, and buy or sell indication.
• Multiple benchmark orders can be loaded at once, allowing for simultaneous submission across different fixes and currency pairs.
• Favorited benchmarks will persist, allowing for easy future access to regularly used fixing rates.

Once orders are live, they will be displayed in the orders panel, providing real-time updates on received fills. Any matched order portion is firm and cannot be undone, with counterparty information remaining hidden at the time of match to allow for a reduction in user information leakage.

Any unmatched portion of your order can be cancelled at any time. Within 30 seconds before your designated benchmarks calculation window begins, any yet unmatched order portion will be systematically cancelled and returned to the user for alternative execution.

Once the rate provider has finished their calculation, the fixing rate is sent to EBS, where we apply it to all matched deal tickets for that particular benchmark session. It is at this time we will also reveal the counterparty for all matched interest, ensuring that full anonymity remains until post-calculation.

eFix provides 24-hour access for both WMR and BFIX benchmarks, with access available via an API connection to allow for an automated eFix order submission and management.