Effective Sunday, September 29 (trade date Monday, September 30), EBS will consolidate Non-Deliverable Forwards (NDF) trading into a Single Liquidity Pool (SLP), using the current EBS UK MTF. The initiative will bring operational efficiencies for customers as well as enhanced liquidity and market data for NDF trading on EBS.

As part of this process, NEX SEF has published a Market Regulation Advisory Notice (MRAN 2024-02) advising that after close of trading on Friday, September 27, all NDF instruments will be suspended from trading on the EBS Market segment of the NEX SEF (MIC: NEXS). Thereafter, all customers should continue to access and trade NDFs on the EBS UK MTF (MIC CODE: XEBS) offered by BrokerTec Europe Limited.

Contents

Revision History

Key Events and Dates

Testing and Certification

Order entry on all ON SEF NDF instruments will be rejected in New Release effective Friday, September 13.  This change will be available in the New Release Environment for customer testing on Sunday, September 15.

Certification is not required.

EBS Market NDF Products and Instruments

Clients may use the existing OFF SEF NDF products and instruments, with the value "XEBS" in tag 207-SecurityExchange. Current ON SEF NDF products and instruments that use "NEXS" in tag 207 will be suspended and all order entry messages for those ON SEF instruments will be rejected.

OFF SEF NDF instrument information is available via the Reference Data API and/or MDP 3.0 Security Definition (tag 35-MsgType=d) messages.

For client convenience, the equivalent XEBS OFF SEF NDF and NEXS ON SEF NDF instruments are detailed below.

iLink 3 Order Entry

Executor and IDM ShortCode

CME Globex will validate MiFID tags 5290-Executor and tag 36023-IDMShortcode for presence and correct registration for all EBS ON MTF NDF application messages, except Order Cancel message.  

See EBS MiFID Short Code Identifiers on CME Globex for details.

MDP 3.0 Market Data

Market Data Channel

The EBS ON SEF NDF market data channels will remain live post launch.  The following market data messages will continue to be disseminated on the ON SEF NDF market data channels: 

• MDP 3.0 Security Definition (tag 35-MsgType=d)

• MDP 3.0 - Security Status (tag 35-MsgType=f) in Close state

There will be no Market Data Incremental Refresh messages disseminated for ON SEF NDF market data channels.

CME Reference Data API 

Clients may use the CME Reference Data API Version 3 to retrieve comprehensive product and instrument master data, including the records for these new OFF SEF markets.

EBS Regulatory Reporting

Depending on customer settings, EBS customers will not receive the report or the report will be blank:

• FEAT100 Report 

• CEOD201 Report 

• Daily SEF Activity Report 

Contact Information

For technical development support, contact Certification Support for Electronic Trading (CSET).

For production requests, please contact the Global Command Center (GCC). 

For all other inquiries, please contact Global Account Management (GAM).