EBS Credit functionality is available for all EBS instruments.
EBS Credit functionality allows a market participant firm to manage its prime and bilateral risk with other market participants for all EBS instruments comprised of Spot, precious metals and non-deliverable forwards (NDF) on EBS Market, eFix Matching Service and EBS Direct trading venues.
- EBS Market - a central limit order book with pre-screened bi-lateral credit limits that allows customers to match orders with other participants and leave resting orders in the market.
- EBS Direct - a fully disclosed, relationship-based platform that allows Liquidity Providers (LPs) to stream tailored prices direct to Liquidity Consumers (LCs). EBS Select is non-disclosed version.
CME Group offers the EBS Risk Management EBS Credit functionality is available for all EBS instruments.
EBS Credit functionality allows a market participant firm to manage its prime and bilateral risk with other market participants for all EBS instruments comprised of Spot, precious metals and non-deliverable forwards (NDF) on EBS Market, eFix Matching Service and EBS Direct trading venues.
- EBS Market - a central limit order book with pre-screened bi-lateral credit limits that allows customers to match orders with other participants and leave resting orders in the market.
- EBS Direct - a fully disclosed, relationship-based platform that allows Liquidity Providers (LPs) to stream tailored prices direct to Liquidity Consumers (LCs). EBS Select is non-disclosed version.
CME Group offers the EBS Risk Management API and GUI for clients to manage their credit profiles as follows:
- Retrieving existing limits and credit utilization
- Setting both bilateral and prime limit values on existing grantee credit groups
- Kill and unkill functionality (API only)
The EBS Credit model on CME Globex applies global credit limits between counterparties to control all of their trading on EBS Market, eFix Matching Service and EBS Direct. These limits control the exposure of one counterparty to another regardless of execution venue.
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Table of Contents
Revision History
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Updated:
Compression/Distributed Netting
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Added:
- Compression/Netting
- Alerts
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Added:
- Allow/Disallow Functionality
- Liquidation Mode
Testing and Certification
Customer testing for EBS Credit functionality is supported in the New Release environment, allowing client systems configured for prime and bilateral credit to test credit scenarios with related messaging and consume credit screened market data in the designated currency pair - US Dollar/Chinese Yuan (USD/CNH).
- Bilateral credit is unlimited to all other bilateral GFIDs.
- One bilateral GFID with no credit to any other bilateral GFID enters orders in the designated pair.
Orders entered against a counterparty resting order with no credit will result in the aggressing order resting on the book.
- Client systems with insufficient credit display orders on the Ultra Market Data feed but not on the Credit Screened market data feed.
An EBS Risk Management API and GUI are available for clients to manage their credit profiles. API clients are required to complete a functional certification via Autocert+ tool prior to production access.
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| Date | Description |
|---|---|
| September 22, 2021 | Updated: Compression/Distributed Netting |
| September 15, 2021 | Added:
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| August 31, 2021 | Added:
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EBS Credit on CME Globex Features
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