The Future of EBS

Read about the 2021 updates that will bring the latest technology to EBS platforms and services, to enhance liquidity, simplify access, ensure superior data delivery and processing, and create efficiencies. View the timelines, resources, and next steps.

Next generation of EBS platforms to deliver added value

As part of our ongoing commitment to deliver an optimal trading experience, we are re-platforming our EBS trading venues, interfaces, and technology. These changes will enhance our FX offerings, reinforce EBS’ critical role in global FX liquidity, and preserve the attributes that customers appreciate.

EBS Market: Centralized order book for liquidity

Integration of EBS Market into CME Globex will create a single, global liquidity pools for spot, metals, and NDFs, with uniform access and matching priority across order book depth.

EBS Market: Enhanced operations

Delivers the operational efficiency and simplicity of CME Globex while retaining the unique market structures of EBS, as well as deterministic trading, efficient global connectivity options, and market data access.

EBS Direct: Legacy to leading technology

Architectural refresh will incorporate leading new technology – creating a more scalable, high-capacity direct platform and significantly improving the trading experience.

EBS Direct: Low latency execution

Enables faster market data with processing times under 50 microseconds end-to-end, supporting low-latency trading and improved execution outcomes.

EBS Market: Integration to CME Globex

Technology

Centralized liquidity via CME Globex, through dual independent matching engines in New York and London

The EBS Market integration onto CME Globex simplifies operations for customers to trade the EBS Market suite of products, providing firm liquidity and deterministic trading. The dual independent matching engines in New York and London provide uniform global market data, delivering a holistic global picture of EBS price discovery.

Timeline and key milestones

Action Required

New CME Globex users must complete a CME Globex New Release form (PDF with editable fields) to gain access. Complete the editable PDF form online, save a copy to your desktop, and submit the form for processing by email to CME Globex Account Management. Contact CME Globex Account Management for questions or assistance filling out the form.

Complete the form

View the New Release testing process

Client impacts

View the technical specifications for EBS Market, eFix Matching features, and APIs to understand what your technology team needs to do, and by when.

View details

Additional resources


Workstation

Personalized workspace with greater flexibility for pricing panels and orders

All EBS Market users will have access to an upgraded workstation over four production drops, deployed gradually for your convenience. Our goal is to maintain the features and functionality that market participants depend upon and deliver faster, scalable technology, so traders can respond to global markets.

All existing EBS Global Access users have now been upgraded to the new Workstation. See how to use new features in our demo. 

Watch a demo

Migrating to the new EBS Workstation Instructions

eFix Matching

Functionality will expand over time, including improved workflows with a dedicated eFix panel and ease of access to relevant benchmarks, all based on eFix trader feedback.

View eFix Matching details


Credit

Simplified limit management, improved visibility, stronger risk controls

The EBS Market integration with CME Globex will bring significant new benefits, simplifications, and risk controls to support EBS credit. A new Credit Service Model will launch, supporting both EBS Market and EBS Direct, with a single global limit, API, dashboard, and reports.

 Contact the EBS credit team


API Connectivity

Optimized order entry and market data

To benefit from CME Globex, we are upgrading our connectivity services to iLink 3 and MDP 3.0, to optimize order entry and market data on the CME Globex platform for EBS, BrokerTec, futures and options markets.

The first API specifications, including iLink 3 for order entry and management, MDP 3.0 for market data and referential data services, were released in December 2020.

View API specifications

EBS Direct: Re-platforming to deliver low latency market data and execution

Technology

Upgrading technology to create the fastest platform in the market

The re-platforming of EBS Direct to version 2.0 will provide superior market data delivery and order processing times, creating the most comprehensive, feature-rich, and fastest relationship-based streaming platform in the spot FX market.

Timeline and key milestones

Whether you are a liquidity provider, liquidity consumer, or ISV, know the key dates (see timeline above and link under “Resources” below).

Liquidity providers

LPIs – Available for testing by liquidity providers in the Customer Lab to initiate migration process.

Liquidity Consumers

  • Pass Through Mode – Live in Production, available for customer on-boarding
  • ECN Mode – Customer testing phase starts in groups in early February
    • Light conformance testing for select cases, regression testing expected for majority of clients
  • ECN Mode – Customer on-boarding starting in early Q2 following a phased approach
    • Three planned releases starting in April

Analytics

Analytics models will be migrated and enhanced.

Credit

Like-for-like Credit model during initial phase including CME Integration; enhanced Credit model in 2022.

Additional resources

View details on rules of engagement, key dates, and API technical specifications.

View details


Client impacts

For API customers, view the technical specifications for EBS Direct and ‘Maker’ and ‘Taker’ APIs to understand what your technology team needs to do, by when.

View details

Additional resources


Workstation

Expanded functionality and flexibility

All EBS Direct users will have access to an upgraded workstation over four production drops, deployed gradually for your convenience.

EBS Direct will offer a new Mixed Liquidity Card widget, which includes price ladders, as well as the ability to route orders to either EBS Market or EBS Direct based on user preferences, price, and improved slippage functionality. See the new features in action in the demo below.

Watch demo

Migrating to the new EBS Workstation Instructions


Credit

Simplified limit management, improved visibility, stronger risk controls

The Enhanced Pre-trade Credit System will launch for EBS Direct and EBS Market simultaneously when EBS Market moves to CME Globex, bringing significant new benefits, simplifications and risk controls to support EBS Credit.  In 2021, a new Credit Service Model will launch, supporting both EBS Direct and EBS Market, with a single global limit, API, dashboard, and reports.

Contact the EBS credit team

Timeline and resources

March

  • Outreach to Bank credit and Prime Brokerage teams for credit deep dive.
  • New Release testing. Customers can trade with any other counterparty through iLink. No credit administration enabled.

Q2

  • Ability to test credit exhaustion, create a crossed market, test prime customer limits, and view credit screened market data in the New Release environment. 

Q3 

  • Access to CME Account Manager Risk Management GUI and training in preparation for the migration.
  • Mock testing weekends where limits will be pre-populated.

Q4

  • Legacy credit model is copied for Limited Production environment. End to end booking of live trades is supported for FXPB and bilateral trading. 

Contact the EBS Team


Connectivity

Upgrades for ultra-low latencies

To achieve ultra-low latencies, we are upgrading our connectivity services for liquidity consumers and liquidity providers. All APIs will be available for new release and conformance testing in our customer lab environment.

Learn more 

For more information, contact your regional Liquidity Management or Client Service integration representative.

Contact customer support

For help or more information, submit your inquiry below, and a member of the team will get right back to you.