EBS Market on CME Globex Notice: March 14, 2024

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  and CME STP FIX Data Dictionary 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.

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EBS Conditional Price Increments

Effective Sunday, March 24 (trade date Monday, March 25), EBS Market on CME Globex will introduce the new Conditional Price Increments (CPI) functionality for select Spot instruments. CPI 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.

With this launch, the price dissemination precision for the following EBS products will be increased as follows:

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

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CME STP Support of Report Tracking Number (RTN) for EBS FX Markets

Effective Sunday, March 24 (trade date Monday, March 25), CME Group will add the Report Tracking Number (RTN) in CME STP for trades on EBS FX Markets to support clients with their European Markets Infrastructure Regulation (EMIR) Refit obligations. The European Markets Infrastructure Regulation (EMIR) Refit reporting obligations are only applicable to clients trading FX NDFs on EBS FX Markets.

Report Tracking Number (RTN) will be added to the Trade Capture Report (FIX: tag 35-MsgType=AE / FIXML: /TrdCaptRpt) with the new TradeType noted below.

Updated FIX Data dictionary is available for EBS clients.

RegTrdID block will not be populated for trades that are not subject to regulatory requirements, such as EBS Spot.

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

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EBS Direct Taker API Incremental Market Data Support for Single Ticket

In late March, CME Group will be enhancing EBS Direct Taker API’s Market Data (ESP) by adding Incremental Market Data support for Single Ticket Pricing. This change will allow Taker API customers to request incremental market date through their MarketDataRequest(35=V) message:

• MDUpdate Type (265) = Incremental(1)

Customers who choose to support this will be required to certify. This enhancement is currently available in New Release for customer testing.

Additional information on the production launch will be announced in future EBS Market on CME Globex Notices.

Please contact Certification Support for Electronic Trading (CSET) at +1 312 930 2322 in the US, +44 20 3379 3803 in Europe, or +65 6593 5593 in Asia for assistance.

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iLink 3 Party Details Harmonization

Effective Sunday, April 21 (trade date Monday, April 22), CME Group will implement the iLink 3 messaging changes to Pre-Registered administrative information to be consistent with the On-Demand administrative information. These changes will also bring the front-end messaging into alignment with the back-office feeds and simplify the reconciliation process.

Field Capitalization

CME Globex will capitalize tag 1691-PartyDetailID values on the following Party Detail Roles on the Pre-Registered Party Detail Definition Request Acknowledgment messages sent from Order Entry Service Gateway to Client System. Client systems are not required to send capitalized values to CME Globex, but capitalized values will always be returned.

Field Truncation

CME Group will truncate tag 1691-PartyDetailID values on the following Party Detail Roles on the Pre-Registered Party Details Definition Request Acknowledgment messages sent from Order Entry Service Gateway to Client System. If this tag values submitted on the Party Details Definition Request message exceeds the required length, iLink 3 will return a truncated required length from the right on the response.

*These fields are optional for EBS products.

These changes are only applicable to the Pre-Registered administrative information. There is no change to the On-Demand Party Detail Definition Request Acknowledgment (tag 35=CY) messages sent from Market Segment Gateway to Client System.

More detailed information on Party Details is available in iLink 3 Party Details Definition Messaging.

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

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

As previously announced, the Unique Product Identifier (UPI), which sits above the ISIN identifier already provided to customers trading on NEX SEF MTF (operated by NEX SEF Limited) and the EBS UK MTF (operated by BrokerTec Europe Limited), was launched on CME STP and CPT on January 29. This launch, along with support for Report Tracking Number (RTN), are part of CME Group's commitment to supporting EBS FX trading venue customers in meeting their regulatory obligations in the regions from which they operate.

• UPI for CFTC re-write Phase II - January 29 - COMPLETE
• RTN for European Markets Infrastructure Regulation (EMIR) Refit - April 29

RTN is currently published for EBS trades on CPT FIX and TOF.

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 these regulatory changes.

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EBS NDF Market Data Channel Enhancements

Effective Sunday, June 2 (trade date 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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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, since January 1, 2024, US clients are 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 follows 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

EBS and BrokerTec Customer Disaster Recovery Exercises

CME Group strongly encourages all EBS and BrokerTec customers to register to test with our disaster recovery systems, to help ensure readiness and test your ability to transact via our DR systems.

• Saturday, July 27 - US and Europe Markets (BrokerTec & EBS)

If you are interested in participating in our upcoming Disaster Recovery (DR) Mock Trading Session, please register your interest by completing the following form:

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