Leading FX central limit order books, relationship trading platforms and benchmark matching services
BY THE NUMBERS – YEAR-TO-DATE, JULY 2024
$56B
AVERAGE DAILY VOLUME
82
CURRENCY PAIRS TRADED
3000+
UNIQUE TRADERS
377M+
ORDERS ON EBS MARKET
15+
FX PBS FOR ACCESS
$24B
HIGHEST VOLUME DAY YTD
FOR EFIX BENCHMARK
MATCHING
$77B
HIGHEST VOLUME DAY YTD
IN USD/JPY SPOT
$26B
HIGHEST VOLUME DAY YTD
IN USD/CNH SPOT
EBS Market enhancements driving better execution experience
- Top of book spread compression by 30%
- Percentage of price points traded increase to ~90%
- Lower market impact in conjunction with 22% increase in inventory
In 2024, EURUSD liquidity and execution metrics on EBS Market remained strong, even during key market events and periods of heightened volatility, providing clients with consistent and reliable access to liquidity when it mattered most
Note: Liquidity statistics measured for EURUSD on EBS Market from launch of quarter pips on 24 March 2024 for two months after.
Value of EBS Market to FX spot and NDF traders
- Firm and reliable liquidity
- Price discovery and transparency of market data
- All-to-all trading with a global network of FX traders
- Cost efficiency to manage risk with a centralized pool of liquidity
Bilaterally Negotiated FX “Blocks"
- Bilaterally negotiated trades with chosen liquidity providers for both FX futures and options
- Leverages OTC relationships and OTC liquidity
- Over 20 liquidity providers, including many of the top tier banks, as well as non-bank market making specialists
- Trade risk-transfer as per OTC with the benefits and efficiencies of a cleared wrapper
- Trade FX products without the need for an ISDA or bilateral credit line against chosen liquidity provider(s)
Top traded spot and 1-month NDF pairs on EBS
| EURUSD | USDKRW |
| USDJPY | USDINR |
| USDCNH | USDTWD |
| USDCHF | USDIDR |
| AUDUSD | USDPHP |
Introducing CME FX Spot+
CONNECTING OTC SPOT FX AND FUTURES LIQUIDITY LIKE NEVER BEFORE
Available for testing in November 2024, a next generation, all-to-all spot FX marketplace seamlessly connected to CME Group FX futures liquidity.
CME FX Spot+ will enable spot FX market participants to tap into FX futures liquidity through an open, transparent central limit order book while giving FX futures users broader access to OTC liquidity. This unique liquidity connection will be made possible by implied matching through CME FX Link, a liquid, tradable spread between OTC spot FX and FX futures.
Initially available on G7 currency pairs plus MXN, FX Spot+ would complement FX futures and the EBS Market primary venue and offer access to clients via existing EBS and CME Globex connections.
Methods of execution: EBS platforms
Electronic Central Limit Order Books: EBS Market
- Transparent market data, anonymous order-to-order matching
- Certainty of firm liquidity on a centralized marketplace
- Ability to work passive orders and trade peer-to-peer
- Liquidity across time zones, 24-hours a day
- A primary source of FX price discovery for spot and one-month NDFs
Bilateral Relationship Trading: EBS Direct
- Bilateral trading with disclosed or anonymous liquidity providers for FX spot
- Over 50 LPs, including global and regional banks and non-bank market making specialists
- Connectivity over a single, ultra-low latency API
- Access to streaming sweepable and full amount pricing across 75+ currency pairs
- Bespoke, curated pricing and active liquidity management
Fx Benchmark Matching: EFIX
- Leading electronic benchmark matching service for FX spot
- Leverage global network of EBS distribution to match benchmark risk
- Complete transparency of matched fixing interest alongside anonymity of counterparty
- Automatic application of benchmark rates upon publication
- Wide range of benchmarks supported including WMR, BFIX across 25+ currency pairs
