EBS Market on CME Globex Notice: May 11, 2023

EBS Market on CME Globex Notice: May 11, 2023

Topics in this issue include:

• Critical Information
  • Reminder: NEX SEF Audit Trail: Revised FEAT 100 Reports Available
  • Customer Lab Closure and Migration to New CL2 Environment - May 24
  • Required Action for Legacy EBS Globex User Signature Entries - May 31
  • MDP 3 Conflated TCP Subscription Request Messaging Controls - June 4 
  • iLink 3 SBE Schema Update - June 25
• Product Launches
  • Launch of Bitcoin/US Dollar EOM Non-Deliverable Forwards (NDF) for EBS Market on CME Globex - May 21
• Announcements and Additional Resources
  • EBS Market and eFix 2023 Customer Disaster Recovery Exercises
  • CME STP Support for Trades on EBS

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

Critical System Information

Reminder: NEX SEF Audit Trail: Revised FEAT 100 Reports Available

The FEAT 100 reports, issued end-of-day after each trading day, stopped capturing fill and elimination notice elements starting June 10, 2022, until February 24, 2023, when the issue was remediated. 

Revised FEAT 100 reports are available for all participants. The reports from June 10, 2022, to February 24, 2023, will be available for download via CME Enterprise Reporting Portal (EREP) and via CME SFTP service for 180 days, until September 16.

As a reminder, fill and elimination elements are required for compliance with NEX SEF Rules on Audit Trail. FEAT 100 reports are issued for participants’ convenience for compliance with MRAN 2022-01 Order Routing/Front-End Audit Trail Requirements. These reports should be stored by the participants for five years.

If you have any questions, please reach out to audittrail@cmegroup.com.

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Customer Lab Closure and Migration to New CL2 Environment

As part of a data center services consolidation for improved quality and supportability, on May 24, the Customer Lab at its current location will close. Customer Lab services will migrate to a new environment, named CL2, at the data center where clients connect to the CME Globex Certification and New Release environment.

CL2 includes EBS Central Post Trade (CPT), EBS Direct 2.0 and BrokerTec Stream (v2.0 only) services. These services will reside outside of the CME Globex network. Ordering new connectivity to the CL2 environment will be required. Existing CME Globex Certification/New Release connectivity will not work in CL2.

The connectivity option in the CL2 environment is CL2 Cert VPN, which is recommended and available now.

The CL2 Cert VPN solution hardware and software requirements are similar to the CME Globex Cert VPN / NR solution for BrokerTec and EBS markets, easing the implementation of the new CL2 Cert VPN connectivity for clients that have implemented a CME Globex Cert VPN. If unfamiliar with those environments, be advised of the CL2 Cert VPN requirement for networking hardware to be capable of supporting IKE v2. As a result, procuring new networking hardware may be required. Please be mindful that lead times when ordering networking hardware are substantially longer now than they were pre-pandemic and plan accordingly.

The migration to the CL2 environment will be completed during the regular maintenance window for our test environments. If testing prior to May 24, continue connecting to the Customer Lab and migrate to the new connectivity on or after May 24.

Please contact Global Account Management with any questions regarding this migration.

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Required Action for Legacy EBS Globex User Signature Entries

By May 31, all EBS participants must take action to update their Globex User Signature (GUS) IDs to comply with CME Globex OperatorID Requirements and to guarantee that CME Group has the correct contact information for any orders or trades. Previously, to ensure a seamless EBS Markets migration to CME Globex, existing GUS IDs were migrated into CME Group systems, including those that may not have had complete first/last names populated.

To comply with current regulatory requirements, Front Office Firm Admin Managers must take the following action on GUS information from the Request Center:

• Update the following information for the individual or team lead assigned to the active GUS IDs under their Globex Firm IDs (GFIDs): first and last name, email, phone number/type, country, address, and town/city.
• Delete any GUS IDs that are no longer active. 

For questions, please contact Global Account Management.

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MDP 3 Conflated TCP Subscription Request Messaging Controls

Effective Sunday, June 4 (trade date Monday, June 5), CME Globex will implement subscription request messaging controls for conflated TCP MDP3. With this update, client systems will be disconnected if unfiltered subscription requests (both NoSecurityGroup and NoRelatedSym are equal to zero) exceed 100 requests within one second. If the limit is exceeded, client systems will be disconnected and will not be able to re-login for one minute. The following Terminate message will be sent to client systems when sending a negotiate message within the one-minute rejection period.

The updated subscription volume controls are currently available for customer testing in New Release.

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iLink 3 SBE Schema Update

To support future enhancements for EBS Market on CME Globex, the iLink 3 SBE schema will be updated to version 8 starting on Sunday, June 25.  More information regarding these enhancements will be published in the future EBS Market on CME Globex Notice. The overview of iLink 3 schema updates is now available. 

EBS Market on CME Globex is currently on schema version 7. In order to ease customer development efforts, the new SBE schema files will support Template Extension for iLink 3 messages sent from EBS Client systems to CME Globex. EBS client systems can send iLink 3 messages using schema version 7 or 8; however CME Globex will only send messages using schema version 8. 

For client systems who do not support template extension, the template is not backward compatible and the iLink 3 messages sent from CME Globex cannot be decoded.

EBS Market - Production Rollout

Effective Sunday, October 1, version 8 schema will be the only version supported in production. Client systems can only send version 8 messages.

The new version 8 schema is currently available in New Release for customer testing.

To support the new iLink 3 schema rollout, the CME SFTP site will be updated as follows:

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Product Launches

Launch of Bitcoin/US Dollar EOM Non-Deliverable Forwards for EBS Market on CME Globex

Effective Sunday, May 21 (trade date Monday, May 22), subject to regulatory approval, the EBS UK MTF and NEX SEF¹ will launch for trading Bitcoin/US Dollar Non-Deliverable Forwards (NDFs) on CME Globex.

The Bitcoin/US Dollar NDFs will feature the following new Access Groups:

• ON SEF/ON MTF CRYPTO NDFs
• OFF SEF/ON MTF CRYPTO NDFs

Additional product and instrument information will be available in the Reference Data API.

Customers that would like to trade this product and have not already discussed this with EBS can contact their CME EBS Account Executive to discuss onboarding requirements.

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

¹Operated respectively by BrokerTec Europe Limited and NEX SEF Limited

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Announcements and Additional Resources

EBS Market and eFix 2023 Customer Disaster Recovery Exercises

Following the successful New York FX Spot and New York Metals exercise on April 22, CME Group is offering EBS customers an opportunity to test disaster recovery systems for the London FX spot and NDFs on May 20. To help ensure readiness and provide an opportunity for you to test your connectivity to and ability to transact via our DR systems, customers are strongly encouraged to sign up and test with us.

Similar to last year’s event, these Spring exercises provide customers with a chance to test their Production connectivity to the EBS Market and eFix DR engines and customer gateways.

US customers who participated in the October 2022 SIFMA exercise also are encouraged to register and participate in the DR exercises, as there are very important differences between SIFMA and our Spring failovers. During SIFMA, customers either test their DR or Production connectivity to EBS Market and eFix Production engines and gateways, which use DR back-end systems.

In April and May, the reverse is true, and this is the annual opportunity to test your Production connectivity to our DR markets.

Customers must register in advance to participate. Please review the mock trading script for additional details.

Please contact operationalresilience@cmegroup.com with any questions.

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CME STP Support for Trades on EBS

As outlined during the CME Globex Migration, CME STP and CME STP FIX will be enhanced to support EBS venues to deliver the customer value of a single post-trade solution for all CME Group marketplaces. EBS trades will be supported on CME STP in the second half of 2023.

The availability of EBS trades via CME STP will lead to the eventual decommission of Central Post Trade (CPT) for both TOF and FIX customers. The dates for decommissioning CPT TOF and FIX will be published shortly, with CPT TOF being sunset first. Customers on the CPT TOF feed will be prioritised to migrate over to CME STP, with customer engagements commencing from May 2023.

All clients are encouraged to start planning their migration now to take advantage of new products and product features which will only be supported in CME STP. Over the next few weeks the specifications will be made available to review. Those familiar with CME STP will find this is very similar with enhancements to support specific FX features and attributes.

Testing and certification in the New Release environment will be required prior to client’s production migration.

Further details will be provided in future announcements.

Please contact Global Account Management with any questions regarding this migration.

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