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

EBS: The trusted primary market for 25+ years

EBS will be providing visual access to EBS Market and EBS Direct liquidity via a new tool, the EBS Trade Activity Dashboard, to ensure everyone has access to a both the primary and relationship market price, to provide a single, trusted reference point across 40 currency pairs.

What is a primary market, and why is it valuable?

A primary market is an anonymous central limit order book which serves as the primary point of reference for where you can buy or sell specific spot or NDF currencies.

Why are primary markets valuable?

Trade activity from primary markets represent the most accurate picture of where trades could be executed at any given point in time. This firm liquidity often forms the basis for pricing in the bilateral marketplace and is especially critical during periods of extreme volatility when off-book market prices can be extremely volatile and less reliable.

What is the role of EBS Market in the global FX marketplace?

For over 25 years, EBS’ central limit order book has been a primary FX trading venue and 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, and USD/TWD. Committed to creating fair and open markets, EBS Market has firm, executable prices for spot, metal, and NDF currencies that traders around the world trust.

What is EBS Direct?

EBS Direct is a relationship-based FX trading platform where liquidity consumers (LCs) choose from a full range of bank and non-bank liquidity providers (LPs) to create tailored liquidity pools of executable streaming prices (ESP), or request for stream (RFS), with an intelligent credit service available via existing EBS prime banks. Our next-generation platform – which will deliver round-trip processing times in less than 50 microseconds – is now live and trading.

What is Quant Analytics?

Powered by our award-winning Quant Analytics platform, the EBS Trade Activity Dashboard captures and displays all trade activity across EBS Market and EBS Direct. Quant Analytics is available to EBS customers. Non-customers can get a demo of the platform here.

Start trading or explore more analytics

Get connected to EBS

Trade directly on EBS – either through our CLOB on EBS Market, or bilaterally through our suite of EBS Direct platforms – where the global institutional FX community connects. 

Learn more

Explore more data and analytics

Access full cash spot and NDF data analysis from EBS’ built-in Quant Analytics. Investigate EBS Market CLOB activity, analyze bilateral trading on EBS Direct, optimize execution efficiencies, and more.

Explore Quant Analytics

Compare listed and spot: FX Market Profile

The FX Market Profile tool brings together our spot FX on EBS with our CME listed futures into one comprehensive view so that traders can compare and analyze the complementary liquidity available in these markets, in order to make more informed trading decisions.

Go to the tool

Get swap market transparency: FX Swap Rate Monitor

The FX Swap Rate Monitor brings transparency by providing a clear view on the bid, mid, and ask for standardized FX swap transactions and implied interest rate differentials across eight currency pairs, to help identify or confirm investment opportunities.

Go to the tool