MAY 2021

The EBS Report

Spot | Forwards | NDFs | Metals
 

Welcome to The EBS Report – covering product, technology, and key trends in one of the world's largest and most liquid FX markets.

IN THE NEWS

Stay connected to innovation at EBS

IN NUMBERS: Q1 2021 ADV

$82.7B traded in futures and options
$271.2B in open interest
$73B traded on EBS*
* Note: EBS total volume excludes FWDs and swaps

EBS Market: The future of our CLOB is now ready for testing

The new release environment is open for testing – enabling traders, operations, IT, legal, and compliance to ensure that they are ready and connected in advance of our move to Globex and our new matching engine model.

In order to support all our clients and to make this process as seamless as possible, we have collated all the resources our customers need into a single wiki. We’re providing bi-weekly technical updates with everything your integration team needs to know – and we’ve simplified the number of logins you need to do any of this – into one.

Our new model for the CLOB will deliver centralized liquidity, simplified access, improved determinism, new features and order types, and a common API with CME futures and options, plus BrokerTec – streamlining connectivity to all of our markets.


Accessing EBS liquidity just got easier: Multi-asset hedge funds and the buy-side community can now see EBS pricing on TORA

For the first time, EBS liquidity and pricing from EBS Market and EBS Direct can be compared for all spot, forwards, swaps, and NDFs along with prices for CME Group FX futures and other asset classes on one platform – TORA.

TORA is the industry's most advanced cloud-based, multi-asset order and execution management system (OEMS) built for the buy-side.

"We are delighted to collaborate with TORA to provide our FX liquidity to new parts of the market, all on one system. This will allow TORA clients access to our FX market without having to switch between multiple platforms to execute trades."

Jeff Ward, Global Head of EBS

Speak to your account manager today to find out how you can take advantage of this new partnership and understand its potential to deliver operational and cost efficiencies to you and your firm.  


EBS Institutional (EBSI): Growing volume on our dedicated FX OEMS

As the buy-side increasingly turns its attention to EBS liquidity, volumes on EBSI have increased by 180% in the last three months. Demand for EBSI is being driven by the total workstream functionality it contains – from identifying the right counterparty, to analyzing ECA through TCA, to selecting an execution strategy, to fulfilling all post-trade compliance obligations – in one screen.


Forwards trading: Improved liquidity, improved interface

Our Forwards Platform is migrating to new technology – to deliver a more advanced interface, analytics, and experience. UAT phase 1 testing is now complete, with phase 2 and phase 3 testing done by June before customer migration begins with early adopters in July. The customer migration will be phased through to September. Clients have the choice of testing or cutting straight over to production on the new system, with a user interface that is being developed to replicate the legacy look and feel.

What will change

  • New URL
  • New log in credentials (SSO) and additional security
  • Additional/changed support contacts (GCC (First Derivatives) & EASE, rather than BLM team)

What will stay the same

  • Look and feel of the platform
  • Trading flow and mechanism

Improvements

  • Layout will be more flexible on smaller screens
  • Deal done/not done messaging far clearer, involving a pop up for `not done`
  • Currency flags added for additional clarity
  • Blotter will be more configurable and easier to use
  • Deals will be easier to download into Excel/CSV

The FX Report

Read everything you need to know about CME listed futures, options, and FX Link.

Contact us with any questions related to EBS venues, legal structure, or trading on EBS.

 

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The Finance Hive report: A renewed focus on EMS functionality

Over the course of 2020, APAC-based buy-side FX traders have expressed that innovation in the EMS Platform space is necessary for their businesses to adapt to new working conditions caused by the COVID-19 pandemic. Read the report on the pros and cons of EMS Platforms and the most common suggestions for improvement, according to the buy-side.


NDFs: The rise of African currencies

Since successfully launching the first-ever electronically-traded African NDFs on a central limit order book in 2019 – USD/KES (Kenyan shilling), USD/ NGN (Nigerian naira), USD/ZMW (Zambian kwacha), USD/GHS (Ghanaian cedi) – we have now added USD/EGP (Egyptian pound) in 1m/2m/3m NDFs.   

The expansion of our offering meets client demand for a fully electronic solution with genuine liquidity and trades executed anonymously between market participants on our CLOB platform, EBS Market.  

We now have an established group of London participants and are continuing to expand the footprint with additional interest coming from the Middle East.

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