EBS Market on CME Globex Notice

EBS Market on CME Globex Notice

Topics in this issue include:

• Critical Information
  • EBS Market OFF-SEF/OFF-MTF NDF Migration - August 7 Update
  • Post-Migration iCross Connectivity - October 15
  • Reminder: Short Code Identifiers on CME Globex
  • Reminder: Disorderly Market Testing for NEX MTF on CME Globex
• Announcements and Additional Resources
  • Subscription Center for EBS Market on CME Globex Notice

Critical System Information

Update - EBS Market OFF-SEF/OFF-MTF NDF Migration

† Denotes update to the article

As previously announced, EBS is restructuring the EBS Market off-SEF NDF venue effective Sunday, August 7 (trade date Monday, August 8), pending regulatory approval. All EBS Market off-SEF/off-MTF NDFs will be migrated to off-SEF/on-MTF UK-regulated multi-lateral trading facility (“MTF”) operated by BrokerTec Europe Limited, which is authorized and regulated by the UK Financial Conduct Authority.

This change will have no impact for the on-SEF/on-MTF NDF venue operated by NEX SEF Limited, nor the EBS Market or EBS Direct FX Spot instruments, which will continue to operate as they do today.

The following technical changes will be applied in Production Sunday, August 7.

Instrument Attributes

With this migration, the following instrument attributes will be updated:

These changes will be reflected in the MDP Security Definitions and in Reference Data API before the start of trading on Sunday, August 7.

Impacted Currencies

The following currencies are in-scope for this migration:

Trading Schedule

The off-SEF/on-MTF NDFs will have a daily trading close, similar to the NEXS on-SEF/on-MTF instruments. All Good for Session (GFS) orders are eliminated at the close, as documented here. Currently, the off-SEF/off-MTF NDFs close weekly.

MiFID Short Code Identifiers

With this migration, CME Globex will validate MiFID short code identifiers for the new off-SEF/on-MTF instruments, hence all customers must ensure they are ready to submit these additional MiFID fields, which are not required for the off-SEF/off-MTF NDF pairs. Details on the use of Short Code Identifiers in iLink 3 are detailed in the Client Systems Wiki.

Post Trade Changes

The EBS Central Post Trade (CPT) API is designed to support trades on both regulated and non-regulated venues and will support all clients through the transition of FX NDFs from Off-MTF to On-MTF. Both the TOF and FIX4.4 APIs support clear identifiers for regulated and non-regulated venues.

There are no additional fields or API changes, but you will notice the inclusion of fields previously not populated in your messages for Off-MTF trades. The specific regulatory fields are detailed in the Client Systems Wiki.

Clients’ APIs must be configured for these fields. Please contact your Global Account Manager to confirm your GFID(s) are configured correctly to include or exclude the identifiers.

Client Reports

The CEOD200 report will be expanded to include both EBSSC-listed instruments and the new BEL off-SEF/on-MTF NDF instruments.

There is no impact to CEOD201 reports.

There will be no impact to market data channels or order entry gateways. The current CME Globex Group Codes, product codes and product names will not change.

†The off-SEF/on-MTF NDF instruments are currently available for customer testing in the CME Globex New Release environment and for functional certification via the new supplemental AutoCert+ test.  This test is mandatory for iLink 3 client systems that support NDFs and have not already certified for on-SEF/on-MTF NDFs. Client systems that have already certified for iLink 3 on-SEF/on-MTF NDFs, and client systems that do not support NDF trading, are not required to complete this test.

Clients interested in trading these off-SEF/on-MTF NDF instruments must complete all required onboarding, including disorderly market certification for algorithms and submission of Personal Identification information (“PII”) for manual and algo traders. Please contact your Global Account Manager directly with any questions.

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Post-Migration iCross Connectivity

EBS Market customers with iCross connectivity will continue to see their iCross port as active/live after the migration to CME Globex; however the legacy EBS Market 1.0 platform will not be available. Customers that used their iCross connection for the sole purpose of accessing EBS Market 1.0 may cancel/disconnect the associated Equinix cross-connects.

EBS Direct customers with iCross connectivity will continue to see their iCross port as active/live after the migration to CME Globex. EBS Direct customers that have turned up RNet service to access EBS Direct 2.0 may cancel/disconnect the associated Equinix cross-connects supporting the legacy iCross connectivity. However, EBS Direct customers that have not turned up RNet service will need to keep the cross-connects in place to be able to access EBS Direct  2.0 applications. EBS Direct 1.0 is no longer available.

EBS customers using iCross connectivity to access both EBS Market and EBS Direct over the same connection may cancel their legacy Equinix cross-connects only if they have turned up RNet service to access EBS Direct 2.0.

On October 15 iCross service will be decommissioned and more information will be available in future customer notices.

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

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Reminder: Short Code Identifiers on CME Globex

To meet MiFID requirements, all EBS Market on-SEF and/or on-MTF NDF orders must contain accurate Short Codes registered to a client’s LEI, GFID and GUS. Clients trading in these markets must ensure their Short Codes (and corresponding natural person identifiers where applicable) are registered via the NEX Upload Facility (NUF). Clients are responsible for maintaining NUF Administrators whose role it is to ensure all Short Code information is accurate and registered to the correct entities and to update this information as needed. The EBS Upload Facility User Guide and NUF Registration Form are available online for your convenience.

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Reminder: Disorderly Market Testing for NEX MTF 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.

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Announcements and Additional Resources

Subscription Center for EBS Market on CME Globex Notice

Please be aware that customers can now subscribe to receive EBS Market on CME Globex Notices via the Subscription Center, a self-serve online resource for managing email communications from CME Group. The EBS Market on CME Globex Notices are currently sent 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 on CME Globex.

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To view previous versions of EBS Market Integration Notices, see the Advisory Notices page.