• EBS Market Integration Notice: New and Updated Content

      • To
      • EBS Customers
      • From
      • Global Markets Solutions and Serivces
      • #
      • 20210812
      • Notice Date
      • 12 August 2021

    • EBS Market Integration onto CME Globex

      Subject to applicable regulatory approvals, EBS Market's Central Limit Order Book and eFix Matching Service will launch on CME Globex. You will receive subsequent notices with additional details and actions required to support the EBS Market integration onto CME Globex.

      Topics in this issue include:

      Critical System Information

      EBS Disaster Recovery Information Available Now

      As part of CME Group’s comprehensive business continuity management program, EBS Disaster Recovery (DR) scenarios and DR system connection details for EBS Market and eFix Matching Service are now available. The EBS Production environment is designed and built with multiple layers of redundancy. Failover from Production to a DR environment is only invoked due to a widespread data center or connectivity failure.  Details about opportunities to test connectivity and order flow through our DR environment will be available in upcoming EBS Market Integration Notices. 

      If you have any questions, please contact Global Account Management.

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      Production Connectivity Options and Order Forms Available Now

      Production Environment connectivity offerings and order forms for EBS markets are now available.

      CME Group requests all Production Connectivity Access Request and Change Forms are currently due to ensure readiness for the mock trading session(s) in September 2021 and EBS Market launch on CME Globex in Q4 2021. If you have not submitted these forms please do so as soon as possible.

      Equinix is now offering a cross-connect migration promotion for authorized customers. For existing EBS iCross customers who migrate to EBS GLink and/or RNet, Equinix will:

      • waive the install fee
      • offer a grace period on the monthly recurring charge until January 1, 2022

      This offer includes cross connects from Secaucus, Slough and Tokyo campuses to the New Release and Production environments via GLink and/or RNet.

      See the EBS GLink Cross Connect Specifications or EBS Access and Cross Connect Specifications via RNet for more information.

      If you have any questions, please contact Global Account Management.

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      Update - Client Testing for EBS Market and eFix Matching Service on CME Globex

      † Denotes update to the article

      Core features for EBS Market and eFix Matching Service are now available in the CME Globex New Release environment for client and vendor testing, including order entry, market data, Drop Copy and product reference data.

      Full details on features and functionality are available now in the EBS Market on CME Globex Launch Schedule.

      All EBS Market and eFix Matching client systems will need to establish connectivity to the CME Globex New Release environment prior to testing or certifying. See the EBS integration environments overview for details about accessing the test environments. Clients may choose from the following options:

      • CME Cert VPN: a secure, encrypted tunnel through an internet service that supports VPN protocols.
      • CME Cert Data Center: cross-connect to CME Data Center locations (where offered), using a 1Gbps fiber handoff.

      ACTION REQUIRED
      Learn more about how to get set up for testing, including connecting to CME Globex New Release environment and setting up a system profile, company details, and sessions:

      If you have any questions, please contact Global Account Management.

      Please review the following Client Impact Assessments for more details:

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      New - Client Services for EBS Market and eFix on CME Globex

      With the EBS Market and eFix migration to CME Globex, a number of client services and solutions will be available for these markets. An overview of all services available to EBS Market and eFix clients is now available, including:

      • Administrative
      • Credit and Risk Management
      • Product and Instrument
      • Reporting and Analytics
      • Front-End Trading Solution
      • Market Data
      • Order Entry
      • Trade Confirmations

      Onboarding information for New Release and the Production environments are also available now.

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      Reference Data API Production Access

      Starting Monday, August 16, CME Group will start allowing clients access to EBS product referential data in the Production environment via Reference Data API. Reference Data API is an out-of-band solution for comprehensive referential information on all EBS products and instruments. In order to access EBS referential data via Reference Data API, clients are required to uses Oauth an open protocol that supports secure authorization in a simple, standard method and decouples authentication from authorization and entitlement registration.

      Apply now for access to EBS referential information.

      EBS on Reference Data API is currently available for customer testing in New Release.

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      EBS Ai on CME Globex

      In Q3 2021, CME Group will temporarily implement an EBS Ai on CME Globex API to facilitate the EBS Market Integration. This API will allow existing EBS customers to transact on CME Globex using EBS Ai with minimal modifications to your trading and market data solutions. CME Group is offering this service to reduce your risk of losing access to EBS Market and eFix during the migration to CME Globex. 

      EBS Ai will require less development effort as it replicates the FIX version of the Ai spec to support EBS Market on CME Globex for order entry and credit screened market data.  This approach will require a few minor development changes and future enhancements to EBS Market and eFix on CME Globex may not be available over EBS Ai.  Full details on the differences between the Legacy Ai protocol and the new EBS Ai protocol are available in the Client Impact Assessment.

      Migration to CME Globex order entry and credit screened market data will be required at a later date within 2-3 years.  More information will be published in the future EBS Market Integration Notice.

      Certification is not required for the new EBS Ai.  EBS Ai is currently available for customer testing in New Release.  Current Ai Clients that want to test the EBS Ai on CME Globex  will need to establish connectivity to the CME Globex New Release environment prior to testing. Clients may choose from the following options by submit the New Release Environment Access Request Form:

      • CME Cert VPN: a secure, encrypted tunnel through an internet service that supports VPN protocols.
      • CME Cert Data Center: cross-connect to CME Data Center locations (where offered), using a 1Gbps fiber handoff.

      If you have any questions, please contact Global Account Management.

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      iLink 3 Cancel/Replace Request with In-Flight Mitigation

      Please be aware that EBS Market and eFix Matching will leverage CME Globex-style In-Flight Mitigation (IFM) upon the migration to CME Globex.

      IFM is an optional feature on CME Globex that allows client systems submitting cancel/replace messages to prevent overfilling in the event that the original order is filled while the cancel/replace message is being processed.

      CME Globex customers who want to use the IFM Cancel/Replace functionality must explicitly indicate their choice in the first Cancel/Replace messages by including Tag 9768=Y.

      Full details and a video are available on CME Globex-style IFM.

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      EBS Credit on CME Globex

      In Q4 2021, to support the integration of EBS Market and eFix Matching on CME Group services, EBS Credit functionality will be made available for all EBS instruments.

      EBS credit functionality allows a market participant firm to manage prime and bilateral credit risk with other market participants for EBS Market, eFix Matching Service and EBS Direct trading venues.

      EBS credit functionality for CME Globex instruments is currently available for customer testing in New Release.

      In the New Release environment, client systems configured for prime and bilateral credit will have the opportunity to test credit scenarios with related messaging and consume credit screened market data in the designated currency pair - US Dollar/Chinese Yuan (USD/CNH).

      • Bilateral credit will be unlimited to all other bilateral GFIDs.
      • One bilateral GFID with no credit to any other bilateral GFID will enter orders in the designated pair.
      • Orders entered against a counterparty resting order with no credit will result in the aggressing order resting on the book.
      • Orders entered against a counterparty resting order with no relationship will result in the aggressing order resting on the book.
      • Prime customer orders exceeding the configured credit limit will result in an order reject.
      • Client systems with insufficient credit will display orders on the Ultra Market Data feed but not on the Credit Screened market data feed.

      An EBS Risk Manager GUI and API will be available for clients to manage their credit profiles. API clients will be required to complete a functional certification via Autocert+ tool prior to the production launch. More information on the EBS Risk Manager services and certification test suite availability will be announced in future EBS Market Integration Notices.

      Please contact the following for additional information:

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      iLink 3 EBS Maximum Order Size

      To better align with EBS markets in Q4 2021, CME Globex will introduce an optional Maximum Order Size functionality that will reject orders that exceed the maximum order size. EBS customers will have the ability to configure maximum order size for each product code across multiple Globex User Signatures (GUS) within the same Globex Firm ID (GFID). This functionality only applies to EBS Market and eFix Matching Service instruments.

      More detailed information on Maximum Order Size is now available in iLink 3 - EBS Market on CME Globex.

      Maximum Order Size is currently available in New Release for client testing.

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      AutoCert+ Available Now

      The Market Data, iLink 3 and Drop Copy AutoCert+ test suites are now available for application certification in preparation for the EBS Market launch on CME Globex. AutoCert+ is an automated testing tool for validating application functionality prior to connecting to and transacting on CME Group platforms. Certification ensures messaging and processing reliability and the capability to gracefully recover during abnormal events.

      CME Group requires that all client and vendors systems are certified by AutoCert+ before connecting to the Production environment for:

      For certification assistance or questions, please contact Certification Support for Electronic Trading (CSET).

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      iLink 3 FIXP Messaging Enhancements

      CME Group will implement enhancements to iLink 3 FIXP messages to be a more consistent customer experience. With this change, any error conditions for Negotiate and Establish with invalid UUID and/or NextSeqNo are considered a protocol violation and will lead to the FIXP session being terminated.

      These enhancements will be reflected on the FIXP messages as follow:

      Request from Client System to CME Globex Response from CME Globex to Client System
      FIXP Message Error Conditions Current New
      Negotiate Missing UUID  Negotiation Reject Terminate
      UUID is not greater than the UUID used in the last successful Negotiate/Establish message Negotiation Reject Terminate
      Establish Missing UUID  Establishment Reject Terminate

      UUID does not match with the UUID used in the previous Negotiate message

      		 Establishment Reject Terminate

      Missing NextSeqNo

      		 Establishment Reject Terminate

      These changes are currently available in New Release for customer testing .

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      iLink 3 EBS Optional Tag 9537-Location

      To better align with EBS markets in Q4 2021, CME Globex will not require the current iLink 3 FIX tag 9537-Location on all iLink 3 EBS messages. With this change, this tag will become an optional tag for to EBS Market and eFIX Matching Service instruments, but required  for CME Group futures and options and BrokerTec products. Currently, tag 9537 is required for all markets on CME Globex.

      More detailed information on tag 9537 is available in iLink 3 - Message Specification.

      This change is currently available in New Release for client testing.

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      Post Trade

      EBS Central Post Trade (CPT) for CME Group Systems - Available for Customer Testing

      EBS Central Post Trade is currently available for client testing in the EBS Customer Lab for all clients that have migrated from Deal Feed Services. The updated system is backward compatible with the current EBS Central Post Trade system. Although CME Group does not anticipate any issues, we recommend completing client testing ahead of the Production launch in Q4 2021.

      EBS Central Post Trade is only available in the EBS Customer Lab for testing. Clients who need to test the post-trade service for CME Globex integration have the option to connecting to the New Release environment to trade on CME Globex, or arranging for direct trade injections. See details on the entity setup requirements and the two processes for testing EBS Central Post Trade.

      Please refer to additional resources as needed:

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      Announcements and Additional Resources:

      EBS Operational Readiness Guide Available Now

      A new client onboarding and setup resource is now available to assist clients with the integration of EBS Market's central limit order book and eFix Matching Services onto CME Globex.

      The EBS Operational Readiness Guide includes checklists and details required for accessing and setting up EBS services for CME Globex, links to required forms and related resources, and support team contact details.

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      The ‘Future of EBS’ Webpage is Available Now

      A new resource about comprehensive 2021 changes to EBS trading venues, platforms, and services, the ‘Future of EBS’ webpage, is now available. The Future of EBS webpage provides timelines, key milestones, customer impacts for EBS Market, eFix Matching Service, EBS Direct, and APIs, and additional customer resources.

      Please check this page often to view additional new resources as projects evolve.

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      Subscription Center for EBS Market Integration Notice

      Please be aware that customers can now subscribe to receive EBS Market Integration Notices via the Subscription Center, a self-serve online resource for managing email communications from CME Group. The EBS Market Integration Notices are currently sent bi-weekly at 2am Central Time (CT) Thursday and include communications regarding the up-to-date details and actions required for clients to support the EBS Market integration onto CME Globex.

      All clients who currently receive the EBS Market Integration notice will remain on the distribution and will not require any action to continue receiving the notice.  New clients who want to start receiving the EBS Market Integration notice will need to use their CME Group Login to access Subscription Center and select “EBS Market Integration Notices” to subscribe. 

      Additional details about how to Subscribe to the EBS Market Integration Notice are now available.

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