EBS Market on CME Globex Notice

EBS Market on CME Globex Notice

Topics in this issue include:

• Critical Information
  • Launch of EBS Ultra 20 Millisecond Conflated TCP Market Data Group - November 6
  • SDR Reporting Requirements – CFTC Rule Re-Write
  • Post-Migration iCross Connectivity
  • Reminder: Short Code Identifiers on CME Globex
  • Reminder: Disorderly Market Testing for NEX SEF and EBS UK MTF on CME Globex
  • Reminder: FirmSoft
• Announcements and Additional Resources
  • Subscription Center for EBS Market on CME Globex Notice

Critical System Information

Launch of EBS Ultra 20 Millisecond Conflated TCP Market Data Group

On Sunday, November 6 (trade date Monday, November 7), CME Globex will launch a new EBS Ultra 20 Millisecond Conflated TCP Market Data Group for the New York and London markets. Current Conflated TCP Market Data Group channels are not impacted by this launch.

Please review the Client Impact Assessment for additional details.

These channels are currently available for customer testing.

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SDR Reporting Requirements – CFTC Rule Re-Write

NEX SEF is working on implementing the necessary changes to its SDR reporting messages consistent with the CFTC Technical Specifications for December 5, 2022, the Compliance Date. As part of this undertaking, NEX SEF is closely working with DTCC, our SDR, on ensuring all required CFTC fields and values are accurately reflected in its Public Price Dissemination (“PPD”) messages to meet DTCC’s validation requirements in time for the Compliance Date.

Consistent with CFTC Technical Specifications and DTCC’s validation requirements, NEX SEF will transition on the Compliance Date from reporting a Unique Swap Identifier (“USI”) to reporting a UTI for newly executed transactions adhering to ISO Standardized guidelines (ISO 23897). Details of these changes can be found on the Client Systems Wiki where changes to the Central Post-Trade APIs highlight the pre and post implementation values.

The upcoming changes to the UTI supported by the CPT APIs will be available for client testing from the October 24, 2022 in the New Release (NR) and Customer Lab. As a reminder the impact to the existing CPT APIs is deemed low, however we encourage participant testing to validate their back-office systems can handle the change to ensure accurate UTI adoption and to continue lifecycle data reporting to the DTCC. Please contact the Global Account Management for assistance on setup at your earliest convenience.

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Post-Migration iCross Connectivity

CME Group continues to finalize the deactivation of legacy EBS iCross connections used to access EBS Market, EBS Direct, and BrokerTec Stream.

Customers who migrated services onto CME Globex should have contacted Equinix to advise them to cancel their cross-connect agreement with Equinix. Customers who are still leveraging iCross connectivity for EBS Direct should contact ECHO-RNET@cmegroup.com to finalize the migration of EBS Direct services from iCross to RNet. After that migration, customers will be able to cancel/disconnect the associated cross-connects supporting the legacy iCross connectivity. Customers actively connecting to BrokerTec Stream will be contacted by CME Group to discuss migration planning.

For questions relating to your legacy iCross connections, please contact the ECHO team.

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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 SEF and EBS UK MTF on CME Globex

Participants on NEX SEF (operated by NEX SEF Limited) and EBS UK MTF (operated by BrokerTec Europe 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 and EBS UK MTF participants must complete this self-certification attestation which is available via the Request Center in the CME Customer Center. More information on the availability schedule will be available in further EBS Integration Notices.

To facilitate this self-certification for all 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 a.m. – 6:00 a.m. GMT (23:00 p.m. – 0:00 a.m. CT on Wednesdays)
• Thursdays: 3:00 p.m. – 4:00 p.m. GMT (9:00 a.m. – 10:00 a.m. 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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Reminder: FirmSoft

FirmSoft is a browser-based order management tool that provides real-time access to information on working and filled CME Globex orders and provides risk mitigation functionality through order cancellation by permissioned users.

FirmSoft functionality includes activity across EBS Workstation, proprietary, and third-party front-end systems. FirmSoft access is granted by a Front Office Admin Manager via User Administration.

Learn more on FirmSoft functionality and User Administration. For additional details about using FirmSoft, please visit the FirmSoft User Help.

Please contact Global Account Management for further information, demos of the functionality or access questions.

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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 2 a.m. 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.