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.

  • 27 Oct 2021
  • By CME Group
  • Topics: EBS

Stay connected to innovation at EBS


$61.7B traded ON EBS**
$77B in CME FX futures and options
* YTD through September 30, 2021
** Note: EBS total volume excludes forwards and swaps

The future of EBS: update to EBS Market and eFix migration schedule

To allow additional time for client readiness and a smooth transition to CME Globex, on September 23, we set the migration date for EBS Market and eFix to be Sunday, April 3, 2022, (trade date Monday, April 4).

In addition, the migration of clients to the new EBS Workstation and EBS Direct platforms will continue along with post-trade migrations this year.



November 6, 2021

Mock trading session (Americas/EMEA and APAC trading hours)

January 29, 2022

Mock trading session (Americas/EMEA trading hours)

February 12, 2022

Mock trading session (Americas/EMEA and APAC trading hours)

February 26, 2022

Mock trading session (Americas/EMEA and APAC trading hours)

March 12, 2022

Mock trading session (Americas/EMEA and APAC trading hours)

March 26, 2022

Mock trading session (Americas/EMEA and APAC trading hours)

April 2, 2022

Mock trading session (Americas/EMEA and APAC trading hours)

January 24 – February 11

Mid-week connectivity testing

February 14 – April 1

Early access to production live trading on CME Globex for:

          • USD/CAD

          • AUD/USD

          • USD/SGD

          • USD/NOK

April 3, 2022 (Trade date Monday, April 4)

EBS Market launch on CME Globex

Mock trading sessions will be offered during the following hours:



9:30 a.m. – 1:00 p.m. New York

12:30 a.m. – 4:00 a.m. New York

2:30 p.m. – 6:00 p.m. London

5:30 a.m. – 9:00 a.m. London

10:30 p.m. – 2:00 a.m. Tokyo

1:30 p.m. – 5:00 p.m. Tokyo

We appreciate your support and feedback. If you have any questions, please contact Global Account Management or your EBS Sales Executive.

Learn more about the future of EBS

Read about the 2021 updates that will bring the latest technology to EBS platforms and services, to enhance liquidity, simplify access, ensure superior data delivery and processing, and create efficiencies.

EBS Direct: first forwards trade on new platform

Our Forwards Trading Platform migrated to new technology – to deliver a more advanced interface, analytics, and experience.

What new functionality is available?

  • Customizable interface will bring more flexibility to smaller screens
  • On-Screen Deal Validation messaging far clearer
  • Currency flags added for additional clarity
  • Blotter will be more configurable, with improved usability and enhanced download features

EBS Institutional: Asset manager adoption leads to record day

Increased asset manager activity led to a record day of $20.7B in volume for EBS Institutional in September as portfolio managers took advantage of the complete workflow tools built into the platform to efficiently rebalance their positions.

EBS Institutional: first NDF trade executes via RFQ

CME Group’s EBS Institutional platform continues to expand its product offering with RFQ support for non-deliverable forwards (NDFs) following increased client demand.

Clients are able to trade NDFs seamlessly using EBS Institutional’ s patented netting methods alongside FX spot, forwards and swaps (packaged transactions) on our GUI or API.

NDFs are available to existing EBS Institutional customers of CME Amsterdam B.V. (“CABV”) EBS MTF and EBS Service Company Limited (“EBSSC”), a company incorporated in Switzerland.

The FX Report

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

EBS Institutional (EBSI): in brief

Through a unique set of eight real-time, pre-trade execution compression algorithms, EBSI provides a means of instantaneously reviewing a basket of transactions to compare and contrast the net benefits and frictional costs of each trading method. This allows a trader to determine the most cost-effective means of executing those transactions.

The total expected cost of executing each transaction individually or in a basket is calculated under eight separate scenarios: Simple (Single) Orders, Blocked Orders, Simple Netting (Mixed Givens), Swap Netting, Single Spot Portfolio Trading, Single LP Netting, Basket Algo, and ERISA.

In addition, EBSI provides a total workflow solution integrated with many of the leading OMS providers and client systems for STP.

We provide elegant solutions to many agency trading workflow challenges, such as eligible counterparties restrictions, multi-desk view, and broker desk functionality; ensuring clients have access to their required and permitted liquidity sources while meeting their regulatory obligations.

EBSI is also designed as a data-centric solution, built on Kx Systems kdb+ vector database, allowing for storage, retrieval, and analysis of order flow activity at a very granular level for clients while supporting unique features in EBSI to solve complex netting and trading challenges.

Simply, we’re simplifying the trading day for our clients.

As last-look guidance evolves, look to EBS analytics and liquidity

The GFXC’s latest paper has given market participants more clarity as to what the practice of last look means, with new language explaining that it is:

“A practice utilized in Electronic Trading Activities whereby a Market Participant receiving a trade request has a final opportunity to accept or reject the request against its quoted price,” and “if utilized, last look should be a risk control mechanism used in order to verify validity and/or price.”

The Global Code of Conduct is still a set of principles denoting best practices within the wholesale FX markets. With this latest iteration of the Code and its introduction of supporting documentation, further transparency has been recommended for those supplying prices as Liquidity Providers and Platforms to act in accordance with its principles.  The paper aims to create greater transparency in the wholesale FX market.

As the language on last look continues to evolve and interpretations may be varied, two things remain certain in this space –

(1) EBS Quant Analytics provides a best-in-class tool to assess and benchmark your bilateral trading activity. EBS Quant Analytics (launched in 2017) provides EBS clients with access to EBS’s universe of benchmark trading data, clients can gauge performance through relative comparison against the market. With these comparative analytics, you can benchmark your activity to all other clients on the system for similar trades to obtain peer-to-peer-analysis.

(2) EBS Market central limit order book serves as the primary venue and reference market for a wide range of spot and NDF currency pairs, offering firm, executable, anonymous liquidity with no last-look costs or considerations.

In conclusion, liquidity comes at a price, and that price may not always be as simple as one pip vs one-tenth of a pip; many factors go into constructing a price and managing risk. Best price does not always equal best execution, and overall execution quality is a factor of how both parties to the trade react pre, at point of execution and post execution. The updates to the code have set the direction, but ultimately participants in the market will need to determine how they evolve their practices over time. In the meantime, transparency, data-driven execution analytics, and access to firm, anonymous liquidity alongside bilateral relationships remain key tools for participants and platforms to ensure their execution goals are best met.