January 2022

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

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IN NUMBERS: Q1 2022

$57B average daily volume traded on EBS*
$74.6B average daily volume traded in CME FX futures and options
* Note: EBS total volume excludes FWDs

EBS: Awarded for delivering value to customers

For the second year, EBS has been recognized as ‘Best Broker for Spot’ and ‘Best Broker for NDFs’ by FX Markets – and the banking community. Thank you to all our clients and advocates for your support and appreciation for the role of EBS as a primary market and our commitment to providing pricing and platform integrity in what proved to be another challenging year in the COVID-19 pandemic.


EBS Market and eFix migration schedule: Launch April 3

The migration date for EBS Market and eFix is scheduled for Sunday, April 3 (trade date Monday, April 4).

Mock trading sessions have started. Mock trading sessions and early access to production are available before the April migration, per the schedule and registration link below. In preparation for mock testing, clients should complete the API certification process and submission of production connectivity forms.

Mock trading sessions for the EBS Disaster Recovery environment are being planned for February 26 and March 12 and 26. A more detailed timeline and additional testing details will be available in the test script. Test scripts and a registration page are available.

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

Mock trading sessions will be offered during both Americas/EMEA and APAC trading hours for our clients’ convenience. Detailed schedules are available in the test script.


EBS Workstation: Migration set to finish on February 18, 2022

From February 18, 2022, all users of the EBS Workstation will be migrated from the legacy EBS Workstation to the new EBS Workstation.

How this will happen

Any remaining legacy EBS Workstations at your site will be converted to using the new EBS Workstation. The migration should be seamless.  

What you need to do

We recommend that you work with your EBS Account Executive to schedule a migration date prior to February 18 and to set up your account, workspace, and two-factor authentication. By setting up these line items in advance, any unforeseen issues can also be addressed in advance and your access to EBS liquidity and pricing will remain uninterrupted.

What support will be available

If there are any issues, please check with your own IT team first to help triage the situation and determine next steps. In the rare event further support is necessary, our CME Field Services team will be dispatched to troubleshoot issues with any individual machines.

What if we cannot migrate in time

Any remaining clients who have not completed the migration by Friday, February 18 will be automatically migrated the following week, starting on Monday, February 21.

Thank you for your support as we deliver and complete our upgraded Workstation – giving you a more flexible front end, alongside the experience you’re used to.

The EBS Calendar:

The calendar you've come to rely on is now available for home delivery.

Request here


EBS Direct: On target for completion of version 2.0

Our new API and Workstation are now complete, and users have been successfully migrating ahead of our April 5 target date to finalize the total re-platforming of EBS Direct 2.0.

We will continue to work with our clients (LPs and LCs) to ensure everybody has successfully completed their own rigorous testing and has established connectivity, which is relatively light and straight-forward given no new additional development is required.

Get ready for faster fills, private liquidity pools, and a new improved interface – with the same, trusted liquidity.


EBS Market: Delivering enhancements to improve our clients’ execution experience – reminder for program readiness from February

From February 1, 2022, EBS will be introducing several new market enhancements ‒ aimed at maintaining and improving the current market ecology, whilst ensuring that EBS Market remains a valuable source of spot FX liquidity for all market participants. 

These programs will cover EBS Messaging Efficiency (MEP) to improve our clients’ execution experience and quality of market data; Minimum Quote Life (MQL) to improve makers’ ability to quote tighter spreads by lowering the MQL from 50 milliseconds to 20 milliseconds; and Market Support (MSP) to facilitate a seamless migration of liquidity when our markets migrate to Globex.

Please speak to your account manager for more details.

At a glance:


EBS Direct: Liquidity provider program continuing in 2022

As part of our commitment to ensuring that pricing remains competitive for all liquidity consumers (LCs) and liquidity providers (LPs), we will be continuing our LP Program into 2022, with more details to follow in early Q1.

Please contact your account manager to discuss.


EBS Upgrade: Milestones met in 2021

In 2021, a huge number of milestones were met in support of our move to new technology in 2022 – by us, and by our clients – who invested their time, energy, resources and interest to ensure EBS Direct upgraded as planned, and that when we complete the migration of EBS Market in April, we are all ready for our new matching model with even better price determinism.

EBS Market on Globex


FX Global Code: Submit your updated disclosures

As part of the Global Foreign Exchange Committee’s triennial review of the Global Code, it was decided that to aid in increasing transparency within the wholesale foreign exchange markets, platforms and liquidity providers would be able to complete additional Disclosure Cover Sheets

These Disclosure Cover Sheets have been formatted to make it easier for those reviewing to compare multiple cover sheets and better evaluate the service they are receiving. The disclosures are hosted alongside Statements of Commitments on registers such as our own register and made visible on the GFXC’s own Global Index.  

As with the Code’s Statements of Commitment, this is not an enforced requirement but early signs, since the facility to host disclosures was made available on December 14, 2021, are positive with some of the biggest participants in the wholesale FX markets already publishing their disclosures.

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