• EBS Market Integration Notice

      • To
      • EBS Customers
      • From
      • CME Group
      • #
      • 20220106
      • Notice Date
      • 06 January 2022

    • 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

      Update - NDF Group Code Changes – January 10

      † Denotes update to the article

      Effective Monday, January 10, the following EBS Market NDF products will migrate to the SNDF group code. Currently, these products are listed in the FNDF group code.

      Product Name CME Globex
      Product Code Tag 6937-Asset      		 Current
      Group Code Tag 1151-SecurityGroup      		 New
      Group Code Tag 1151-SecurityGroup
      FXNDF.USD/INR.EOM_SEF INRUS FNDF †SNDF
      FXNDF.USD/BRL.EOM_SEF BRLES FNDF †SNDF

      With this change, the FXNDF.USD/INR.EOM (CME Globex Product Code INRU) will be the only product in Group Code FNDF.

      The CME Globex production environment will reflect these group code changes for the next customer Mock Trading Session on Saturday, January 29.

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      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 and the next event is Saturday, January 29. Additional mock trading sessions and early access to Production is available before the April migration, per the schedule and registration link below. In preparation for mock testing, clients should complete the API certification process & submission of production connectivity forms. 

      Also, mock trading sessions for the EBS Disaster Recovery environment are being planned for February 12, 26, and March 12, 26 as outlined in the table below. A more detailed timeline and additional testing details will be available in the test script. Test scripts and a registration page will be provided in early 2022.

      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.

       
      Date Event
      January 29 Mock trading session (Americas/EMEA trading hours)
      February 12 Mock trading session (Americas/EMEA & APAC trading hours) including DR Mock trading session during APAC hours only
      February 26 Mock trading session (Americas/EMEA & APAC trading hours) including DR Mock trading session during Americas/EMEA hours only
      March 12 Mock trading session (Americas/EMEA & APAC trading hours) including DR Mock trading session for both Americas/EMEA and APAC hours
      March 26 Mock trading session (Americas/EMEA & APAC trading hours) including DR Mock trading session for both Americas/EMEA and APAC hours
      April 2 Mock trading session (Americas/EMEA & 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 (Trade date Monday, April 4) EBS Market launch on CME Globex

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

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      Production Connectivity Options and Order Forms Due

      CME Group Production Connectivity Access Request and Change Forms are currently due to ensure readiness for the ongoing mock trading session(s) and EBS Market launch on CME Globex. 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 April 1

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

      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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      Weekday Client Telnet Connectivity Testing Availability

      To support production connectivity readiness for the EBS Market launch on CME Globex, the following client connectivity testing in the Production environment will be offered to EBS clients on Tuesdays and Wednesdays:

      Please Note: Only telnet testing is available for TCP services.

      Weekday Client Telnet Connectivity Testing Availability
      Testing Dates Testing Times in Central Time (CT) Hours Testing Times in Universal Time Coordinated (UTC) Hours
      • Tuesday, January 4
      • Wednesday, January 5
      • Tuesday, January 11
      • Wednesday, January 12
      • Tuesday, January 18
      • Wednesday, January 19
      		 Tuesday 7:00 a.m. – 10:00 a.m. (CT) Tuesday 12:00 p.m. – 3:00 p.m.(UTC)
      Wednesday 1:00 a.m. – 4:00 a.m. (CT) Wednesd ay 6:00 a.m. – 9:00 a.m. (UTC)

      Please contact the Global Command Center via e-mail in the event of any issues during testing.

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

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      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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      AutoCert+ Available

      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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      Production EBS Globex Disaster Recovery Market Data IP Addresses Available Now

      The EBS Globex Disaster Recovery Market Data Configuration file IP addresses are now available for customer download from ftp://ftp.cmegroup.com/ or sftpng.cmegroup.com. The Market Data Configuration file allows clients systems to receive the list of all market data channel configurations (multicast IP and product groups) for UDP market data groups.

      For more additional information on these network configuration files is available in FTP and SFTP Site Information section of the CME Globex EBS Market - Market Data Client Impact.

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      Disorderly Market Testing for NEX SEF on CME Globex

      Participants on NEX SEF, operated by NEX SEF Limited, are required to self-certify that their algorithms will avoid contributing to or creating disorderly trading conditions, as defined in the relevant Rulebooks. This self-certification is mandatory prior to the initial deployment of trading algorithms or trading strategies and prior to any substantial updates or changes.

      NEX SEF participants must complete this self-certification prior to the launch of EBS Market On-SEF NDFs on CME Globex, even if the algorithm is self-certified for the current trading platform. Self-certification attestation will be available via the Request Center in the CME Customer Center prior to the production launch. More information on the availability schedule will be available in further EBS Integration Notices.

      To facilitate this self-certification for all NEX SEF clients, CME Group supports regularly scheduled simulated disorderly trading conditions in the CME Globex New Release environment where order entry messages will be injected at 35 messages per second (MPS) to create additional latency in the environment. The session schedule is:

      • Thursdays: 5:00 AM – 6:00 AM GMT (23:00 PM – 0:00 AM CT on Wednesdays)
      • Thursdays: 3:00 PM – 4:00 PM GMT (9:00 AM – 10:00 AM CT)

      CME Group also supports the ability to inject erroneous orders and trades into the New Release environment.

      Please note: These testing sessions, along with the self-certification in Request Center are separate from the mandatory functionality certification required for all client API systems prior to production access to CME Globex. Functional certification is available now in the AutoCert+ tool.

      Additional Resources:

      For questions about the disorderly markets testing, please contact Certification Support for Electronic Trading (CSET) at 312 930 2322 in the US, +44 20 3379 3803 in Europe, or +65 6593 5593 in Asia.

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      NEX SEF MiFID Short Code Identifier on CME Globex

      Please be aware that EBS Market will support only numeric short codes upon the migration to CME Globex.  Customers using alphanumeric short codes must re-register on the NEX Upload Facility (NUF) with numeric short codes.  Any EBS orders with alphanumeric short codes will be rejected on CME Globex. 

      The technical documentation has been updated with Natural Person and Automated Trading System (ATS) short code and Operator Id (GUS) usage information and links to the Redline of Rules - 208, 202 and 309 and MRAN - CME Globex OperatorID Requirements.

      NEX SEF MiFID Short Code Identifier on CME Globex
      Short Code iLink 3 EBS EBS Ai
      Executing Decision Maker tag 5290- Executor tag 448 – PartyID when tag 452-PartyRole = 1012
      Investment Decision Maker tag 36023 -IDMShortCode tag 448-PartyID when tag 452-PartyRole = 122

      CME Globex will validate EBS MiFID tags for presence and correct registration for EBS Market for On-SEF/On-MTF FX NDFs.  More details are available on iLink 3 MiFID Tag Validation.

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

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      Post-Migration SEF Audit Trail Requirements

      Updating Audit Trail requirements for on-SEF NDFs

      As previously mentioned in discussions with Participants, as part of technology migration from EBS to CME Globex, NEX SEF is revising its audit trail requirements to align to the current requirements on CME Globex for the Futures & Options business.

      What will change?
      NEX SEF is making updates to Rules 208, 302 and 309 (see redline of these rules here). For detailed guidance, including technical specifications and frequently asked questions outlining new audit trail expectations for on-SEF NDF Participants see drafts of Market Regulation Advisory Notice (“MRAN”) on Order Routing and Front-End Audit Trail Requirements and Operator ID requirements.

      Why is this changing?
      The goal is to align and make uniform technical audit trail requirements, as much as practicable from a regulatory perspective, for those participating on CME Globex in on-SEF NDFs and Futures & Options.

      When is this changing?
      NEX SEF intends to migrate to CME Globex on April 4. Subject to the required regulatory approvals, the above referenced Rules and MRANs will also be effective on April 4.

      What you need to do?
      Participants will need to update their technology requirements as outlined in the MRANs.

      NEX SEF would like to thank you in advance for your support with this migration, and any queries or clarification in respect to the above can be addressed to the Data Investigations team at AuditTrail@CMEGroup.com.

      Alternatively, please contact the following members of the Data Investigation team within Market Regulation: 

      Terry Quinn, Manager, 1 312 435 3753
      Laetizia Moreau, Senior Director, 1 312 435 3619

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      Counterparty Information on CME Globex

      With the EBS Market and eFix migration to CME Globex, trade information will include Counterparty Public IDs. The Counterparty Trader ID currently available will no longer be supported. 

      Counterparty Public ID on CME Globex
      Services Messages Fields
      iLink 3 Trade Execution Reports OrderEventText (tag 1802)
      EBS Ai TradeCaptureReports Counterparty Deal Code (Party Block - PartyRole= 17)
      CPT TradeCaptureReports Settlement Firm (Party Block PartyRole =  90)

      More details are available on EBS Counterparty Dissemination.

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

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      eFix on CME Globex Messaging Enhancements

      CME Group will implement enhancements to iLink3 Execution Report to support the integration of eFix Matching on CME Group services.  With this change, CME Globex will provide the following transaction details on both iLink3 Execution Report – Trade Outright messages for the eFix Matching instruments:

      • GrossTradeAmt (Tag 381)
      • ContraGrossTradeAmt (tag 5542)

      Currently, these transaction details are only available on the second Execution Report - Trade Outright, which is sent after the Fixing price is published and assigned to the trade.

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

      Additional details on eFIX Matching are available on eFix Matching Message Scenario.

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      Making EBS Market Spot FX More Effective

      Encouraging Quality Top of Book Quoting Activity; Reducing Minimum Quote Life for Core Pairs

      Beginning February 1, 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.

      Following extensive client feedback and data analysis, we will be introducing the following developments:

      1. Introducing a new Messaging Efficiency Program (EBS MEP) to improve our clients’ execution experience and quality of market data

      By incentivizing our API customers to maintain a Minimum Median Order Life at Top of Book (TOB) or a minimum TOB Quote-Fill-Ratio. The MEP introduces an excess quoting surcharge on customers who fall below the required thresholds. 

      1. Improving makers’ ability to quote tighter spreads by lowering Minimum Quote Life (MQL) from 50 milliseconds to 20 milliseconds

      By lowering the MQL in conjunction with the new MEP, makers will remain incentivized to provide dealable liquidity for takers while facing lower risk when trying to improve TOB or adjust quotes to changing market conditions.

      1. Facilitating a seamless migration of liquidity when our markets migrate to Globex

      By introducing two new transitional Market Support Programs (MSPs) aimed at maintaining a consistent spread and mid-point – and supporting price improving behaviors that tighten traded spreads. If you are interested in these programs, please contact your Account Manager.

      In combination, these developments are aimed at making our markets more effective and are intended to:

      • Improve spreads by mitigating adverse selection
      • Maintain taker fill rates
      • Encourage quality quoting to support execution experience and market data
      • Facilitate a smooth transition of liquidity when our markets migrate to Globex  

      These enhancements are the result of the time, thought, and commitment that our customers have demonstrated through the invaluable feedback provided ‒ and our shared goal to continue providing a primary marketplace built on the integrity of our prices and efficient management of our markets.

        IMPLEMENTATION DATE EUR/USD USD/JPY USD/CNH* EUR/JPY EUR/CHF
      MESSAGING EFFICIENCY PROGRAM (MEP) February 1 ✔ ✔ ✔ ❌ ❌
      MARKET SUPPORT PROGRAM (MSP) February 1 ✔ ✔ ✔ ❌ ❌
      MINIMUM QUOTE LIFE (MQL) REDUCTION FROM 50MS TO 20MS February 1 ✔ ✔ ✔ ✔ ✔
      *From February 1, the current USD/CNH QFR will be replaced with Messaging Efficiency Program (MEP).
       
      Read more details

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      Reference Data API Production Access

      Access to EBS product referential data in the Production environment via Reference Data API is now available. In order to access EBS referential data via Reference Data API, clients are required to use 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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      CME Reference Data API for EBS Over CME Group Network Connections Available

      CME Reference Data API for EBS product and instrument information is now available over all CME Group network connections for EBS Market and eFix.

      Access Reference Data API in the New Release environment over Cert VPN and Cert Data Center connections enabled for EBS Market and eFix at:

      • api.refdata-ebs.nr.cmegroup.com
      • IP: 164.74.124.195 port: 443

      Access Reference Data API in the Production environment over all CME Group connections enabled for EBS Market and eFix at:

      • api.refdata-ebs.cmegroup.com
      • IP: 167.204.72.195 port:443

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      EBS Ai on CME Globex

      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.

      EBS Ai Market Data - Incremental Refresh Message Enhancements

      CME Group will implement enhancements to the mechanics of EBS Ai Market Data Updates to better align with Legacy Ai.  With this change, when a new price level is added to the order book, and followed by an update message to delete an existing price level,  EBS Ai will send:

      • An add data block to insert a new price level in one Incremental Refresh messages
      • A delete data block to remove a price level in a separate Incremental Refresh message

      Currently, EBS Ai sends both add and delete data blocks in the same Incremental Refresh message.

      The Market Data-Incremental Refresh enhancements are now available in New Release for customer testing. CME Group strongly recommends clients that have previously completed the new EBS Ai testing, retesting these Market Data-Incremental Refresh enhancements in New Release to ensure a seamless migration.

      Additional details on EBS Ai Market Data Updates are available in Price Depth View section of the Client Systems Wiki.

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      EBS Credit on CME Globex

      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 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.

      Many features for EBS Credit are currently available for customer testing in New Release. Please review the EBS Market on CME Globex Launch Schedule for full details. The following new features are now available:

      • Kill Switch
      • Liquidation Mode
      • Allow/Disallow
      • Credit Limit Currency
      • Conversion Rates
      • Alerts

      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 US Dollar/Chinese Yuan (USD/CNH) market.

      • 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 Management API is now available in New Release for clients to manage their credit profiles. API clients will be required to complete a functional certification via Autocert+ prior to the production launch. More information on the EBS Risk Management services and certification test suite availability will be announced in future EBS Market Integration onto CME Globex Notices.

      Please contact the following for additional information:

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      EBS Disaster Recovery Information Available

      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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      Post Trade

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

      EBS Central Post Trade for trading on CME Globex is currently available for client testing in the EBS Customer Lab. Although the migration to CME Globex will be backwards-compatible for Central Post Trade clients, CME Group strongly recommends clients complete regression testing in the EBS Customer Lab to ensure a seamless transition. EBS Central Post Trade will reflect minor changes due to the integration with CME Globex, as documented here:

      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

      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 Available

      A new resource about comprehensive 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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