EBS Market Integration Notice

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 Information
  • EBS Market and eFix Migration Schedule - Launch May 15
    • Early Access is Available - Register Today
    • Mock Trading Continues - Register Today
  • Self-Match Prevention for EBS Markets and eFix
  • EBS Reporting Migration
  • Disorderly Market Testing for NEX SEF on CME Globex
  • NEX SEF MiFID Short Code Identifier on CME Globex
  • Post-Migration NEX SEF Audit Trail Requirements
  • Post-Migration NEX SEF Rulebook Changes
  • EBS Ai Trading Session List Message Enhancements
• Post Trade
  • EBS Central Post Trade (CPT) for CME Group Systems - Available for Customer Testing
• Announcements and Additional Resources
  • EBS Operational Readiness Guide Available
  • The ‘Future of EBS’ Webpage is Available
  • Subscription Center for EBS Market Integration Notice

Critical System Information

EBS Market and eFix Migration Schedule – Launch May 15

In response to ongoing market events and client requests, the EBS Market and eFix migration to CME Globex, including the upgrade of EBS Direct to EBS Direct 2.0, has been extended for six weeks. EBS Market and eFix will migrate to CME Globex, and EBS Direct will upgrade to EBS Direct 2.0, on Sunday, May 15 (trade date Monday, May 16), (subject to regulatory approval). 

Leading into the new migration date, CME Group will extend and continue to operate weekend mock tests per the schedule below. Early Access trading (“EA”) will also be extended through the close on Friday, May 13, to allow clients to verify their business readiness for the migration to CME Globex before the hard cut-over. 

EBS Market and eFix Migration Schedule

Early Access  is now live on CME Globex. Trades on CME Globex during Early Access are live and will be settled.

• The USD/KRW 1M NDF availability has been extended to Friday, April 29.
  • Product Name: FXNDF.USD/KRW.1M; CME Globex Product Code KRW1M.

Please Note: Prime Broker and EBS CPT post-trade readiness are pre-requisites for Early Access.

The next Mock Trading Session is Saturday, May 7.  In preparation for mock testing, clients should complete both the API certification process & production connectivity testing. Detailed schedules are available in the test script.

All client-facing services are now available in the New Release and EBS Customer Lab environments for client development and functional certification.

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

Back to Top

Self-Match Prevention for EBS Markets and eFix

As previously announced, when EBS Markets and eFix migrate to CME Globex, the legacy Intra-Floor Dealing functionality will be replaced by CME Globex Self-Match Prevention (SMP). SMP is an optional feature that clients may use to prevent trades within a GFID or within a subset of GUS’. Participants who would like to leverage SMP are required to complete their Self-Service Setup and access Firm Admin Dashboard to register for SMP ID(s).

SMP Features by Access Method

Back to Top

EBS Reporting Migration

To support the integration of EBS Markets with CME Group technology, existing EBS reports will be updated. These updates will take effect starting with Early Access and complete with the launch of EBS Market on CME Globex. Changes include report format changes, changes in how reports will be distributed, and an overall update in the process for recipients to obtain secure access to their reports via the Enterprise Reporting Portal (EREP) or CME SFTP.

Enterprise Reporting (EREP) is a browser-based tool that enables firm users to search, view, and print or download CME Group pre-processed reports. Users may save any report listed on EREP to file, zip, or PDF. This feature offers customers the flexibility to review and reconcile reports in various formats and is typically the tool used for most traders to view and download their daily reports.

Secure File Transfer Protocol (SFTP) is a network transmission protocol that uses a Secure Shell (SSH) connection and public / private key pair to authenticate access prior to sending and receiving files over a secure connection.  SFTP is typically used for firms to set up a centralized, systematic method for receiving reports into their systems.

The Back Office Admin Manager will authorize an authority figure to manage the SFTP Folder. This person will have the responsibility for managing SFTP IDs and granting permission to additional individuals to create and manage SFTP IDs. 

To ensure continued access to EBS Reports, please take the following actions:

• Report recipients obtain a CME Group Login.
• Report recipients request access to EREP and/or SFTP through their firm's Back Office Admin Manager.
  • Admin Managers should complete and submit EBS EREP and SFTP Report Registration Form(s).
• EBS Standard Report EREP Registration
• EBS Credit Report EREP Registration
• EBS Regulatory Report EREP Registration
• EBS Session Report EREP Registration
• EBS Billing Report EREP Registration
• SFTP Post Trade Reporting Registration
  • When submitting these forms, each user will need to specify the roles or categories of reports for which they need access. For a summary of the reports to be migrated and applicable report access roles, see EBS Reporting.
  • If you do not know your designated Admin Manager, please reach out to Global Account Management.

Details on the reports available during Early Access are included on the EBS Market and eFIX Early Access section of Client Systems Wiki.

Please contact Global Account Management with any questions.

Back to Top

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 starting May 15. 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:

• Details about accessing the test environment
• Details about Injecting erroneous orders in the New Release environment

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.

Back to Top

NEX SEF MiFID Short Code Identifier on CME Globex

With the migration to CME Globex, the following rules for short codes will be implemented:

• Short codes must be numeric only.
• Only one natural person short code may be registered per CME Globex User Signature (GUS).
• Multiple algo short codes can be assigned to a GFID/GUS combination.

Clients who currently have alphanumeric short codes, or who have more than one short code registered to a particular GUS, must register compliant codes on the NEX Upload Facility (NUF).

All other client short codes will be copied from the current platform to CME Globex for Early Access and launch.

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.

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.

Back to Top

Post-Migration NEX SEF Audit Trail Requirements

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 May 15. Subject to the required regulatory approvals, the above referenced Rules and MRANs will also be effective on May 15.

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

Back to Top

Post-Migration NEX SEF Rulebook Changes

As previously mentioned in discussions with Participants, as part of technology migration from EBS to CME Globex as well as part of EBS integration into the larger CME Group organization, NEX SEF is revising its Facility Rulebook, certain Market Regulation Advisory Notices (“MRANs”) and issuing certain new MRANs.

What will change?

NEX SEF is making updates to Chapters 2, 3, 4, 5 and 9 (see redline of the Rulebook). NEX SEF is also updating the relevant MRAN on Operational Parameters Annex and the MRAN on the Error Trade Review Process. Additionally, NEX SEF is issuing new MRANs on User Access Requirements, previously outlined in Chapter 9 of the Rulebook, and MRANs pertaining to Audit Trail requirements (Order Routing and Front-End Audit Trail Requirements and Operator ID requirements) drafts of which were previously communicated in EBS Customer Notice December 2021.

The goal is to align and make uniform technical, and operational 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 May 15. Subject to the required regulatory approvals, the above referenced Rules and MRANs will also be effective on May 15.

What you need to do?

Participants will need to familiarize themselves with the revised and new rules, and analyze if internal system requirement changes are required to be compliant with the NEX SEF Rules.

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 Compliance team at TradingVenueCompliance@cmegroup.com.

Back to Top

EBS Ai Trading Session List Message Enhancements

To improve the EBS Ai client experience, CME Group will implement enhancements to the TradeSesOpenTime (tag 342) of EBS Ai Trading Session List message(tag 35-MsgType = BJ). With this change, EBS Ai will return the following placeholder times for TradSesOpenTime:

• On Sundays, tag 342 -TradSesOpenTime value will be set to 17:00 GMT across all products.
• On Weekdays:
  • If Fixing Time doesn't coincide with 17:00 ET or 18:00 ET, then tag 342-TradSesOpenTime value will be set to 17:00 ET (expressed in "GMT").
  • If Fixing Time coincides with 17:00 ET or 18:00 ET, then then tag 342-TradSesOpenTime value will be set to 19:00 ET (expressed in "GMT").

Currently, EBS Ai returns the time of the closing of the trading session before the opening.

This change is now available in New Release for customer testing. Although some clients have completed the new EBS Ai testing, CME Group strongly recommends these clients to retest this Trading Session List message changes in New Release to ensure a seamless migration.

Additional details and exceptions on EBS Ai Trading Session List message are available on Trading Session List.

Back to Top

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 TOF API – CME Group Integration
• EBS Central Post Trade FIX API – CME Group Integration

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 connect 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:

• EBS New Release Testing Setup
• EBS Central Post Trade Production Connectivity

Back to Top

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.

Back to Top

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.

Back to Top

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.

Back to Top