May 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: Q2 2022

Q1 ADV: $67.9bn
Up 20% from Q4 2021

The launch of EBS on Globex and EBS Direct 2.0 is almost here

On May 16, EBS will implement what FX Markets has called ‘one of the largest technology projects for the Foreign Exchange market.’ This will be our most significant upgrade to date, to ensure that clients have reliable access to the liquidity of the EBS primary market.

We trust that the additional time to complete migration since the crisis in Ukraine began – and the consequential market disruption, volatility, and resource challenges our clients have experienced – has proven useful.  While we know and appreciate that many of our clients are ready, the focus of this special edition of The EBS Report is on ensuring that our entire community is fully prepared for May 16 – with a checklist of final steps.

Readiness checklist: Confidence on Day 1

Pre-trade, point-of-trade, and post-trade, there are three crucial steps all market participants need to take to ensure trading, reporting, access to credit, and all permissions are in place for a seamless day 1:

1. Pre-trade: Check credit limits are in place, all short codes have been configured, currencies and counterparts are enabled, and audit trail requirements are understood

With one new and enhanced shared credit model across EBS Market and EBS Direct, access to credit will be more efficient. It’s crucial and simple to ensure that your limits are in place and to verify that your credit is set up.

Verify your credit setup in the new EBS Risk Manager Portal

Manage everything from Firm IDs, to the different venues your traders can access (EBS Market and/or EBS Direct), to who you want to trade with on EBS Direct, to which currencies you see on the Workstation from the new self-service portal.

Check that all GFID and GUS entitlements are in place in the Request Center

With the move to Globex, all MIFID short codes will remain the same, but please double-check that your algo short codes have all been updated to a numeric format to configure with CME Globex, as alphanumeric short codes are no longer accepted.

As the NEX SEF is revising its audit trail requirements to align to the current requirements on CME Globex for futures and options, ensure that compliance and front office teams are familiar with changes to the draft Market Regulation Advisory Notice (MRAN) on Order Routing and Front-End Audit Trail Requirements and Operator ID requirements.

Monitor the liquidity: top-of-book volume and activity in EBS Market & Direct

Use our interactive FX Market Profile tool to drill into performance of our markets by currency, and to uniquely compare volume with CME FX futures side by side.

2. Post-trade: Select reporting method, permission users in new systems, ensure regulatory compliance

Every report you currently receive, and every report you may want to receive, will now be available via two means:

Automated through EREP: This enables you to pull the reports you need, in the frequency you need them, and to configure recipients. This includes all trade reports, credit reports, billing reports, and audit trail – such as all end-of-day (EOD) reports.

Automated through SFTP: Available on CME Group servers to pull onto your servers. This includes all trading and audit trail reporting.

If you have automated the consumption of any EBS reports internally, it is important to check that the new report layouts will continue to be consumed correctly post migration. To access your EBS reports (EREP/SFTP), please register through your Back Office admin manager.

Choose how you want to receive reports

3. Pre-, point-, and post-trade: Participate in a live or mock environment

Participate in our early access live environment: Liquid, live, settled transactions in a limited set of EBS currencies enables full end-to-end trading and confidence in upstream and downstream processes working smoothly.

See the details

Prepare in a mock environment, participate at a weekend: Test, stress, and experience each stage of the trade in any EBS product during our two remaining weekend mock sessions and test every product.

May 7 Mock trading session
(Americas/EMEA & APAC trading hours)
EBS Market & EBS Direct
May 14 Mock trading session
(Americas/EMEA & APAC trading hours)
EBS Market

See how the pairs compare: Top rankings by product

Source: EBS - all data as of Q1 2022

Spot

Q1 RANKING  CURRENCY PAIR  JANUARY FEBRUARY MARCH
    High Low Range High Low Range High Low Range
1 EUR/USD 1.14830 1.11220 0.0361 1.14950 1.11060 0.0389 1.12330 1.08060 0.0427
2 USD/JPY 116.355 113.470 2.89 116.340 114.16 2.1850 125.105 114.650 10.455
3 USD/CNH 6.3978 6.3220 0.076 6.3763 6.3060 0.070 6.4106 6.3070 0.104
4 USD/CHF 0.93430 0.90930 0.02500 0.92965 0.91500 0.01465 0.94600 0.91500 0.03100
5 USD/RUB 80.3700 74.1950 6.175 120.0000 73.4650 46.535 160.0000 80.7500 79.250
6  from 7 EUR/JPY 131.600 128.250 3.35 133.150 127.92 5.235 137.500 124.405 13.095
7 EUR/CHF 1.05120 1.03000 0.02120 1.06170 1.02760 0.03410 1.04020 0.99730 0.04290
8 USD/HKD 7.8020 7.7825 0.019 7.8150 7.7876 0.027 7.8340 7.8118 0.022
9 AUD/USD 0.73135 0.69680 0.03455 0.72835 0.70340 0.02495 0.75395 0.71670 0.03725
10 AUD/JPY 84.27 80.38 3.9 83.94 80.93 3.0 93.91 83.13 10.8
11 GBP/USD 1.37485 1.33650 0.03835 1.36400 1.32740 0.03660 1.34340 1.30030 0.04310
12 GBP/JPY 157.64 152.92 4.7 158.05 153.38 4.7 164.34 151.04 13.3
13 USD/CAD 1.27950 1.24550 0.03400 1.28765 1.26455 0.02310 1.28980 1.24335 0.04645
14 USD/SGD 1.3615 1.3426 0.019 1.3606 1.3410 0.020 1.3686 1.3527 0.016
15 New EUR/GBP 0.84225 0.83090 0.0114 0.84680 0.82980 0.0170 0.88970 0.82100 0.0687

Metals

Q1 RANKING  CURRENCY PAIR  JANUARY FEBRUARY MARCH
    High Low Range High Low Range High Low Range
1 SAU/USD 1853.80 1780.70 73.1 1973.40 1789.10 184.3 2069.90 1891.00 178.9
2 XAG/USD 24.6875 22.0000 2.688 25.5700 22.1450 3.425 26.9000 24.0100 2.890
3 SAG/USD 24.7000 21.9800 2.720 25.5725 22.0450 3.528 26.9250 24.0225 2.903
4 LPT/USD 1063.0 927.5 135.5 1128.0 1011.0 117 1176.0 962.0 214.0

ON-SEF NDFs

Q1 RANKING  CURRENCY PAIR  JANUARY FEBRUARY MARCH
    High Low Range High Low Range High Low Range
1 KRW 1MS 1213.0 1183.9 29 1212.4 1190.8 22 1247.9 1198.8 49
2 INR 1MS 75.550 73.970 1.58 76.200 74.62 1.58 77.590 75.640 1.95
3 TWD 1MS 27.840 27.415 0.43 28.190 27.740 0.45 28.840 27.950 0.89
4 IDR 1MS 14455 14288 167 14530 14255 275 14448 14250 198
5 PHP 1MS 52.00 51.02 1.0 51.74 51.06 0.7 52.78 51.38 1.4

OFF-SEF NDFs

Q1 RANKING  CURRENCY PAIR  JANUARY FEBRUARY MARCH
    High Low Range High Low Range High Low Range
1 KRW 1M 1214.2 1184.2 30 1212.5 1190.6 22 1248.0 1198.5 50
2 INR 1M 75.585 73.960 1.63 76.175 74.57 1.61 77.570 75.570 2.00
3 TWD 1M 27.870 27.420 0.45 28.185 27.670 0.51 28.835 27.955 0.88
4 IDR 1M 14527 14272 255 14500 14255 245 14468 14255 213
5 PHP 1M 52.20 51.01 1.2 51.80 50.99 0.8 52.94 51.31 1.6

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