OCTOBER 2020

The EBS Report

Spot | Forwards | NDFs | Metals

Welcome to the inaugural edition of The EBS Report. Find out what’s trending, what themes we’re seeing in our markets, new products and services we’re launching, and how our technology re-platforming is progressing. Learn about new EBS technology updates, products, and functionality developments.

IN OUR MARKETS

Stay connected to products, functionality developments and technology updates

Products

See how the pairs compare: Top rankings by product

Source: EBS, all data as of Q3 2020

Spot

 Scroll the table horizontally to see all columns

Q3 Ranking Currency pair July August September
    High Low Range High Low Range High Low Range
EUR/USD 1.19080 1.11850 0.0723 1.19660 1.16950 0.0271 1.20140 1.16125 0.0402
USD/CNH 7.0763 6.9645 0.1118 6.9935 6.8436 0.1499 6.8825 6.7423 0.1402
USD/JPY 108.160 104.195 3.97 107.050 105.100 1.95 106.550 104.000 2.55
USD/CHF 0.94935 0.90570 0.0437 0.92415 0.89985 0.0243 0.92960 0.90020 0.0294
USD/RUB 74.5100 70.2000 4.3100 76.0000 72.6350 3.3650 79.9650 73.3600 6.6050
EUR/JPY 125.200 120.295 4.91 126.850 124.000 2.85 127.065 122.380 4.69
EUR/CHF 1.08380 1.06070 0.0231 1.08480 1.07220 0.0126 1.08770 1.07270 0.0150
USD/HKD 7.7545 7.7499 0.0046 7.7513 7.7500 0.0013 7.7507 7.7500 0.0007
USD/SGD 1.3970 1.3691 0.0279 1.3781 1.3577 0.0204 1.3793 1.3543 0.0250
10  AUD/JPY 76.82 73.94 2.88 78.35 75.16 3.19 78.30 73.98 4.32
11  AUD/USD 0.72265 0.68805 0.0346 0.74025 0.70820 0.0321 0.74100 0.70060 0.0404
12  GBP/USD 1.31615 1.23620 0.0800 1.33950 1.29900 0.0405 1.34710 1.26800 0.0791
13  USD/CAD 1.36440 1.33370 0.0307 1.34475 1.30210 0.0427 1.34210 1.29950 0.0426
14  GBP/JPY 139.05 133.09 5.96 141.98 137.79 4.19 142.55 133.17 9.38
15  EUR/GBP 0.91400 0.89375 0.0203 0.90665 0.89090 0.0158 0.92895 0.88710 0.0419

EBS is the primary market and price of reference globally across a range of spot and NDF pairs – including EUR/USD, USD/JPY, EUR/JPY, USD/CHF, EUR/CHF, USD/CNH, USD/KRW, USD/INR, USD/TWD.

Silver trading has increased by 118% in 2020.

Metals

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Q3 Ranking Currency pair July August September
    High Low Range High Low Range High Low Range
SAU/USD 1982.90 1758.90 224.00 2075.20 1864.20 211.00 1992.50 1848.70 143.80
XAG/USD 26.1025 17.8100 8.29 29.85 23.71 6.14 28.90 21.76 7.14
SAG/USD 26.1325 17.8000 8.33 29.54 23.95 5.59 28.90 21.94 6.96
LPT/USD 967.5 809.5 158.00 1009.50 904.00 105.50 982.50 831.50 151.00

ON-SEF NDFs

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Q3 Ranking  Currency pair  July August September
    High Low Range High Low Range High Low Range
1 KRW 1M 1208.0 1189.0 19.0 1196.5 1177.0 19.5 1192.0 1157.6 34.4
2 INR 1M 75.830 74.700 1.13 75.550 73.305 2.24 74.300 73.020 1.28
3 TWD 1M 29.420 29.100 0.320 29.370 29.180 0.190 29.345 28.520 0.825
4 IDR 1M 14965 14459 506 15060 14540 520 15150 14710 440
5 PHP 1M 49.93 49.08 0.85 49.24 48.42 0.82 48.76 48.40 0.36

OFF SEF NDFs

 Scroll the table horizontally to see all columns

Q3 Ranking  Currency pair  July August September
    High Low Range High Low Range High Low Range
1 KRW 1M 1207.6 1186.6 21.0 1196.5 1176.5 20.0 1192.0 1156.7 35.3
2 INR 1M 75.820 74.650 1.17 75.560 73.280 2.28 74.280 72.950 1.33
3 TWD 1M 29.450 29.075 0.375 29.380 29.180 0.200 29.340 28.500 0.840
4 IDR 1M 14960 14466 494 15035 14535 500 15110 14581 529
5 PHP 1M 49.94 49.07 0.87 49.23 48.40 0.83 48.77 48.39 0.38

NDFs: In the news

To complement our existing African NDF offering in Nigerian Naira, Zambian Kwacha, Ghanaian Cedi, and Kenyan Shilling – we’re launching Egyptian Pound – along with Vietnamese Dong and Turkish Lira – all available for trading from November 2, 2020 and the minimum trade size will be 1 Million USD for all pairs.


Functionality

eFix functionality continues to set the standard: Newly licensed by MOEX to provide Ruble fixing

Since its launch in 2015, the eFix Matching Service has provided the market with reliable benchmarks built on the integrity of EBS markets, and now, will be licensed by MOEX (Moscow Exchange) to provide matching for both their USD/RUB and EUR/RUB daily benchmarks. It is targeted to go live in December.

Benchmark volumes have dropped slightly since Q2 highs. However, it is exacerbated by the record volumes witnessed in March 2020, as we saw the impact of COVID-19 realized in the FX Fixing markets.

September saw volumes increase compared to July and August. In Q3, we had a record high in Bloomberg FX Fixings (BFIX) in both submission and matched volumes.

We continue to onboard users as interest in the service as a benchmark-risk management tool grows, with automation of fix order submission becoming a focus for both new and existing participants. Automation of client benchmark orders brings cost and efficiency benefits to fix order execution via the eFix Matching Service.

Benchmark (Fixing) Currency Pairs Hours Supported Status
WMR Benchmarks All EBS Market Pairs 24 Hour Support (00:00 – 23:00) Live
BFIX (Bloomberg FX Fixings) All EBS Market Pairs 24 Hour Support (00:00 – 23:30) Live
TKFE (Tokyo FX Hourlies) EUR/USD, USD/JPY, USD/CHF, GBP/USD 09:00 – 17:00 Tokyo Time Live
HSRA (Hedge Settlement Rate Australia) AUD/USD 10:00 Sydney Time Live
ABS (Association of Banks Singapore) USD/SGD 11:30 Singapore Time Live
MOEX Fix USD/RUB + EUR/RUB 09:30 GMT Coming November 2020
TMA (Treasury Markets Association) USD/CNH + USD/HKD 11:00 HKT (11:30 Publication) Live
WM 09:55 Tokyo Fix EBS Market Pairs 09:55 Tokyo Time Live

Technology

Meeting milestones: The future of EBS is underway

From now until the close of 2021, the underlying technology that powers all of EBS is being upgraded. Over the past two years, we have been consulting with the marketplace to ensure what we build fits the needs of our customers today – and in the future.

Workstation
All market participants using our existing Global Access (GA) platform should be set up on the new Workstation by December 11, 2020. This is our first hard deadline, as the platform’s front-end software – Adobe Flash – is being decommissioned. We are working on alternative solutions to enable ongoing connectivity, which your account manager or EBS Customer Support team can discuss with you. The new Workstation will deliver improved usability, and more features and functionality over time.

To arrange a demo of the new EBS workstation please contact your EBS Account Manager, or EBS Customer Support.

EBS Market
The first version of the EBS Market on Globex “Deep Dive” is available for API clients. The document goes into further detail following the customer forum, where information was provided to API customers on the migration onto Globex. The document provides more technical insight on migration regarding connectivity, order entry/trade confirmation workflow, and market data.

Log in to the portal

Access all the technical information for our technological upgrade – webinar, videos, factsheets, and deep dive decks.

EBS Direct
Whether you’re a liquidity provider or liquidity consumer, we’ve put together a full guide to the new releases on EBS Direct – as we move to pass-through trading times of less than 50 microseconds.

EBS Institutional

By the end of October 2020, we will be upgrading the EBSI front-end to HTML5 from Adobe Flash – so that our network of clients can benefit from enhanced technology, a better user experience, and an improved interface – allowing them to focus on making more informed trading decisions.

Contact us if you are interested in accessing this platform – or becoming a liquidity provider.

EBS Direct Goal: Our goal is to deliver world-class market data and trading message processing times: 50 microseconds or less for pass-through trading, 100 microseconds or less for ECN matching. This superior performance and scalability will reduce misses and improve fill ratios, increasing execution experience and profit potential for our participants.

Focus on technology: Focus on EBS Direct

The goal of EBS Direct 2.0 is to be the leading technology provider with best-in-class market data delivery and order processing times. Superior performance will reduce misses and improve fill ratios, resulting in a better user experience for both liquidity providers (LPs) and liquidity consumers (LCs).

Ready for testing:

Get ready for the ECN phase in Q2 2021

Getting faster: Pass-through market data

Significant reduction in market data and order execution latency in line with our test lab projections, providing clients with real time information on matching events.

Getting connected: Low Latency Direct 2.0 Maker API (FIX4.4)

  • All LPs will benefit from enhanced, low-latency bank adapters
  • For the majority of Liquidity Providers there will be no change, however we will need your help to conformance test with us
  • Conformance testing will be carried out according to your certification procedures using a connection from our Customer Lab testing environment to your UAT environment
  • LPs who want to write to our optimized Maker API, where we omit redundant and optional fields to reduce FIX message sizes thereby reducing latency and improving throughput, will have that opportunity.

The EBS Direct 2.0 Pass-Through Trading Early Adopter Program is now available globally.

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