EBS Market on CME Globex Notice: January 4, 2024

EBS Market on CME Globex Notice: January 4, 2024

Topics in this issue include:

• Critical Information
  • CME STP Migration for EBS Customers - December 31, 2024
  • EBS Conditional Price Increments - This Week 
  • Reducing Minimum Trade Volume on EBS Market AUD/USD on CME Globex - This Week 
  • Reduced Minimum Quote Life (MQL) for ON and OFF SEF Asian 1M NDFs - January 28   
  • Reduced Minimum Quote Life (MQL) for Select FX SPOT Products - January 28   
  • EBS Spot Market Data Channel Enhancements - January 28   
  • EBS NDF Market Data Channel Enhancements - January 28   
  • Upcoming Regulatory Reporting Changes - Implementation of Unique Product Identifier (UPI) and Report Tracking Number (RTN) - January 29  
  • On-SEF NDF Tailored Order Books Launch - February 25
  • Access to EBS Market NDFs - Starting October 2024
• Announcements and Additional Resources
  • Reminder: CME Data Terms of Use
  • Internal Testing Reminder New

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

Critical System Information

CME STP Migration for EBS Customers - December 31, 2024

Central Post Trade (CPT) TOF and FIX will be decommissioned on December 31, 2024.

All EBS clients must migrate to CME STP solutions before the decommission. Both CME STP and CME STP FIX currently support EBS trades as well as BrokerTec on CME Globex, BrokerTec Stream, and CME Group futures and options.

Start planning your CPT migration now to ensure no interruption of service, and continued access to new products and features which will only be supported in CME STP. 

To facilitate your migration, Message Specifications are now available along with Migration Guides for CPT TOF and CPT FIX to CME STP.

CME STP for EBS FX Markets are currently available for customer testing in New Release. Functional certification is required.

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

EBS Conditional Price Increments

To ensure the marketplace is fully prepared for the launch of Conditional Price Increments, the launch has been rescheduled to Sunday, January 7 (trade date Monday, January 8).

Conditional Price Increments (CPI) functionality for select EBS Market Spot instruments enables submission of “sub-pip” prices in applicable EBS products subject to pre-defined conditions and requirements.

Orders using the CPI sub-pip price increments may be subject to a different Minimum Quote Life (MQL) duration which is defined in the new tag 37739-AltMinQuoteLfe in the MDP 3.0 Security Definition message. More details on the CPI functionality are now available on Client Impact Document.

The EBS CPI will be available for the following EBS products:

The new CPI for products subject to this change are currently available for customer testing in New Release.     

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Reducing Minimum Trade Volume on EBS Market AUD/USD on CME Globex

Effective Sunday, January 7, 2024 (trade date Monday, January 8), the minimum trade volume published in FIX tag 562-MinTradeVol in the Security Definition  (tag 35-MsgType=d) message will be reduced for the AUD/USD EBS Market Spot instruments on CME Globex.

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

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Reduced Minimum Quote Life (MQL) for ON and OFF SEF Asian 1M NDFs

Effective Sunday, January 28 (trade date Monday, January 29), the Minimum Quote Life (MQL) for the following ON and OFF SEF products traded on EBS Market on CME Globex via the legal entities NEX SEF (ON SEF) and EBS UK MTF (OFF SEF) will be reduced to 100 milliseconds. Currently MQL is set to 500 milliseconds. 

Additionally, effective Monday, June 3, the MQL for these products will be further reduced to 50 milliseconds.

Minimum Quote Life (MQL) is an instrument attribute reflected as minQuoteLife on the CME Reference Data API and in FIX tag 37731-MinQuoteLife in the  MDP 3.0 Security Definition (tag 35-MsgType=d) message.

This change is currently available for customer testing in New Release. 

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Reduced Minimum Quote Life (MQL) for Select FX SPOT Products 

Effective Sunday, January 28 (trade date Monday, January 29), the Minimum Quote Life (MQL) for the following Spot products traded on EBS Market on CME Globex will be reduced to 5 milliseconds. Currently MQL is set to 20 milliseconds.

Minimum Quote Life (MQL) is an instrument attribute reflected as minQuoteLife on the CME Reference Data API and in FIX tag 37731-MinQuoteLife in the  MDP 3.0 Security Definition (tag 35-MsgType=d) message.

This change is currently available for customer testing in New Release.   

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EBS Spot Market Data Channel Enhancements

Effective Sunday, January 28, 2024 (trade date Monday, January 29), CME Globex will launch new EBS Ultra Spot Market Data channels and reduce conflation intervals for existing credit screened market data channels.

Effective Sunday, December 17 (trade date Monday, December 18),  new production MDP 3.0 UDP channels begin publishing heartbeats for network connectivity testing.

Please review the Client Impact Assessment for full technical details and launch schedule.

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EBS NDF Market Data Channel Enhancements

Beginning Sunday, January 28   (trade date Monday, January 29), CME Globex will launch new EBS Ultra NDF Market Data channels and reduce conflation intervals for existing NDF credit screened market data channels. 

Effective Sunday, December 17 (trade date Monday, December 18),  new production MDP 3.0 UDP channels begin publishing heartbeats for network connectivity testing.

Additionally, effective Monday, June 3 , the conflation interval for the new Ultra channels will be further reduced.

Please review the Client Impact Assessment for full technical details and launch schedule.

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Upcoming Regulatory Reporting Changes - Implementation of Unique Product Identifier (UPI) and Report Tracking Number (RTN)

In response to ongoing regulatory reporting harmonization across different jurisdictions, CME Group is committed to supporting EBS FX trading venue customers in meeting their regulatory obligations in the regions from which they operate. We are currently looking to meet two key compliance dates:

• CFTC re-write Phase II - January 29, 2024
• European Markets Infrastructure Regulation (EMIR) Refit - April 29, 2024

Both initiatives introduce the Unique Product Identifier (UPI) which sits above the ISIN, an existing identifier already provider to customers trading on NEX SEF MTF (operated by NEX SEF Limited) and the EBS UK MTF (operated by BrokerTec Europe Limited). The implementation of UPI by EBS will be no later than Monday, January 29.

CME Group for EBS Market venues will to provide a Report Tracking Number (RTN) for all exchange traded derivatives (including OTC) to support clients with EMIR reporting obligation.

UPI is currently available for customer testing in New Release. Additonal information on the  details of the updates available on the Client Systems Wiki.

All customers trading FX NDFs on the NEX SEF MTF and EBS UK MTF are encouraged to engage their internal compliance and regulatory teams for additional changes as a result of the regulatory reporting updates to ensure reporting accuracy ahead of the compliance dates.

Please contact the Global Account Management or Cash Markets Reg Product Team to raise any questions regarding the upcoming regulatory changes.

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On-SEF NDF Tailored Order Books Launch

Effective Sunday, February 25 (trade date Monday, February 26), pending the completion of all regulatory review periods, On-SEF NDF Tailored Order Books capability will be made available by NEX SEF Limited on CME Globex. 

Please review the Client Impact Assessment for full technical details and launch schedule.

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Access to EBS Market NDFs

Starting October 2024 EBS NDF trading will move to a single liquidity pool. This consolidation will drive trading and operational efficiencies for the FX marketplace by creating a unified global liquidity pool for NDF trading on EBS.

The move will consolidate the current two pools of NDF trading (on-SEF/on-MTF and off-SEF/on-MTF) into a single liquidity pool on the EBS UK MTF, operated by BrokerTec Europe Limited (subject to regulatory approval). More information on this initiative will be communicated over the coming months, including onboarding information for US customers transitioning to the EBS UK MTF.

In the meantime, from January 1, 2024 US clients will be able to access the EBS UK MTF as a Prime Customer trading in the name of and on behalf of a Prime Bank which is not a US client. This will follow the standard EBS Prime model, where a participant will need to contract with both BrokerTec Europe Limited for access to the EBS UK MTF and their designated Prime Bank(s). This expansion of access follows from the announcement in June 2023, that qualified offshore branches of US persons are eligible to participate on the EBS UK MTF.

For any questions or more information, contact cmefxemergingccys@cmegroup.com or your EBS account representatives.

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Announcements and Additional Resources

Reminder: CME Data Terms of Use

Clients have access to an ever-expanding portfolio of CME Group services for content, data and information.

All content on the cmegroup.com website (“Website”) is owned or licensed by CME Group and is protected by worldwide intellectual property laws. 

Clients are only permitted to access and use the CME Data in the form in which it is presented on the Website and may only access content for personal use and for non-commercial purposes. Users of the CME Group Website are strictly prohibited from distributing, publishing, compiling, creating derivative works from, or otherwise data mining the CME Data - including but not limited to - use of scripts, software, spiders, robots, or other devices or mechanisms (such as crawlers, browser plug- ins or other technology) to navigate, access, copy in bulk, retrieve, harvest, index, search or analyze any portion of the Website.

The CME Data Terms of Use are published on the CME Group Website.

Beginning January 8, CME Group will be enhancing technology designed to prevent unauthorized use of or access to the Website.

If you believe you or your firm may be engaging in activity that conflicts with the CME Data Terms of Use, including the automated harvesting or scraping of CME Data from the website, please contact CME Group Data Sales for more information on alternative means to acquire such information or to get started with CME Group data today.

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New - Internal Testing Reminder

As a reminder, CME Group internal testing in the Production environment can occur during the weekend. Any trades or market data generated during these tests should be disregarded. Clients can connect to CME Globex services beginning at 10:30 a.m. Central Time (CT) Sundays to prepare for weekly start-up. Clients should ensure all services are disconnected by 5:00 p.m. CT Fridays to avoid receiving internal test data. CME Group Trading and Clearing Hours are also available on the CME Group website.

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