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 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 Q1 2021

Spot

Q1 RANKING  CURRENCY PAIR  JANUARY     FEBRUARY     MARCH    
    High Low Range High Low Range High Low Range
EUR/USD 1.23490 1.20540 0.0295 1.22435 1.19520 0.0292 1.21135 1.17040 0.0409
USD/CNH 6.5153 6.4119 0.103 6.5085 6.4010 0.107 6.5838 6.4580 0.126
USD/JPY 104.940 102.595 2.34 106.690 104.410 2.28 110.970 106.370 4.60
USD/CHF 0.89270 0.87585 0.0169 0.91020 0.88720 0.0230 0.94590 0.90720 0.0387
USD/RUB 76.515 73.100 3.42 76.333 73.150 3.18 76.970 72.540 4.43
EUR/JPY 127.495 125.100 2.40 129.945 126.120 3.82 130.665 128.200 2.47
EUR/CHF 1.08680 1.07395 0.0129 1.10980 1.07865 0.0311 1.11520 1.09635 0.0189
USD/HKD 7.757 7.751 0.01 7.758 7.751 0.01 7.776 7.756 0.02
9 AUD/USD 0.7816 0.7592 0.022 0.8008 0.7566 0.044 0.7848 0.7567 0.028
10 from 13 AUD/JPY 80.91 78.91 2.0 84.92 79.59 5.3 85.41 82.31 3.1
11 GBP/USD 1.37570 1.34555 0.0301 1.42335 0.25000 1.1734 1.40165 1.36780 0.0339
12 from 10 USD/SGD 1.3340 1.3158 0.018 1.3388 1.3165 0.022 1.3531 1.3269 0.026
13 from 12 USD/CAD 1.28750 1.25905 0.0285 1.28685 1.24685 0.0400 1.27340 1.23670 0.0367
14  GBP/JPY 143.94 139.60 4.3 150.40 142.90 7.5 152.78 148.18 4.6
15 EUR/CNH 7.9300 7.8245 0.106 7.9125 7.7480 0.164 7.8135 7.6962 0.117

Volume in AUD/JPY brought that pair into the top 10.

Metals

Q1 RANKING  CURRENCY PAIR  JANUARY     FEBRUARY     MARCH    
    High Low Range High Low Range High Low Range
1 SAU/USD 1959.10 1810.60 148.5 1871.60 1717.20 154.4 1759.60 1676.90 82.7
2 XAG/USD 29.0000 24.1100 4.890 30.0450 26.0350 4.010 27.0300 23.7725 3.258
3 SAG/USD 29.0000 24.2300 4.770 30.0000 25.9900 4.010 26.9975 23.7900 3.207
4 LPT/USD 1145.5 1021.0 124.5 1339.5 1086.5 253 1237.5 1122.0 115.5

ON-SEF NDFs

Q1 RANKING  CURRENCY PAIR  JANUARY     FEBRUARY     MARCH    
    High Low Range High Low Range High Low Range
1 KRW 1M 1119.2 1081.1 38.1 1129.5 1098.9 30.6 1143.5 1117.7 25.8
2 INR 1M 73.86 73.10 0.8 74.80 72.57 2.2 74.18 72.67 1.5
3 TWD 1M 27.990 27.755 0.2 27.960 27.605 0.4 28.540 27.680 0.9
4 IDR 1M 14310.0 13886.0 424 14499.0 13917.0 582 14646.0 14282.0 364
5 PHP 1M 48.27 48.05 0.2 49.25 47.85 1.4 49.01 48.48 0.5

OFF-SEF NDFs

Q1 RANKING  CURRENCY PAIR  JANUARY     FEBRUARY     MARCH    
    High Low Range High Low Range High Low Range
1 KRW 1M 1121.4 1080.0 41.4 1129.4 1097.1 32.3 1144.9 1116.5 28.4
2 INR 1M 73.86 73.06 0.8 74.80 72.55 2.3 74.35 72.72 1.6
3 TWD 1M 28.015 27.755 0.3 27.970 27.585 0.4 28.550 27.680 0.9
4 IDR 1M 14337.0 13870.0 467 14507.0 13895.0 612 14669.0 14275.0 394
5 PHP 1M 48.28 48.00 0.3 49.25 47.82 1.4 49.06 48.50 0.6

Stay on track: The future of EBS is underway

In response to the changing needs of our customers, we are redesigning our systems and simplifying how clients connect for optimal access to liquidity.

Learn more at cmegroup.com/futureofebs


Technology

Focus on credit: One unified credit model, two trading modalities

The migration of EBS Market to Globex and the re-platforming of EBS Direct will enable us to introduce a new, more efficient credit model for our customers.

EBS will be uniquely placed to provide a choice of trading modalities – anonymous trading on the central limit order book or bilateral dealing with chosen counterparties – with one credit model that can be shared across both.

Go live Q1 2022: Introducing the key benefits 

Simplified limit management: More efficient allocation of credit  

  • NEW single global limit enabled by rebalancing
  • NEW support for Prime of Prime Model
  • NEW institutional grantor credit groups
  • NEW discount factors by instrument

Improved visibility: More visibility into credit use within your institution

  • NEW credit API
  • NEW dashboard – EBS Risk Manager
  • NEW credit reports

Strengthening risk controls: More control in stressed situations

  • NEW Killswitch available via EBS API
  • NEW Net Counterparty Limit Across EBS Market and EBS Direct
  • NEW enhanced Alerting Framework
  • NEW pre-trade Credit Check on EBS Direct

ACTION REQUIRED: New users to CME Globex must complete the CME Globex New Release form to gain access.

Submit form

EBS Direct

The re-platforming of EBS Direct to version 2.0 will provide best-in-class market data delivery and order processing times ‒ creating the most comprehensive, feature-rich, and fastest relationship-based streaming platform in the spot FX market.

Liquidity providers: Become liquidity consumers

Consuming Spot FX and PM liquidity via API has never been as compelling – the newly launched next-generation EBS Direct 2.0 platform presents superior performance alongside greater functionality and user experience.

We are combining this with a significant commercial incentive for you to benefit from discounts on LP (liquidity provider) brokerage fees based on volumes traded as API LCs (liquidity consumers).

We have seen strong demand and take-up been extremely positive across the whole spectrum of LPs.

Re-platforming milestones: Trading and market data functionality now ready
The ECN release successfully deployed in London 16-17 April and in New York 24-25 April. Now the only launch left is Tokyo.

We have a number of clients ready to go live in London, where we expect production test trades with the following clients: IS Prime, SEB, and Sharada.

The ECN release is significant as it will deliver:

  • Market data and trade message processing times of 100 microseconds or less for clients wishing to consume an aggregated book of prices from a selection of LPs.
  • Liquidity consumers (LCs) can fully customize their market data requests, including quote aggregation, market depth, and incremental refresh.
  • Enhanced ECN matching logic allows clients to designate a preference for their most reliable LPs, ensuring a fast and optimal match.
  • LCs can mix and match pass-through and ECN protocols. For example, using aggregated market data to search for best price and submitting pass-through orders directed to a specific LP for greater speed and determinism.  
  • Existing LCs will easily migrate to the new system, with the same FIX APIs they currently use supported.

EBS Workstation: Beyond the upgrade – now the new features

Now that all of our EBS Global Access users have been upgraded, we are seeing adoption of the new features and functionality – made possible through our investment and effort in creating a Workstation which maintains the much-loved look and feel, with an improved user experience.

Milestones met:

LIVE MVP 1

LIVE All FX, all Metals

LIVE DTS (Dynamic Trade Summary)

LIVE Deal Query – now with printable feature

LIVE AFSO (Aggress Full Size Only order types)

LIVE Net Volume Flow

LIVE In all 3 regions

FIRST trade on 26 April in Gold

Get ready: Pip Discretion is coming soon

For more information or to make sure you’re making the most of these features, contact your account manager.

Contact us

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

Consuming spot FX and precious metal liquidity via API has never been as compelling – the newly launched next-generation EBS Direct 2.0 platform presents superior performance alongside greater functionality and user experience.

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