ECN

Clients who do not specify an LP in the DeliverToCompId(128) tag, will have orders smart order routed to one or more LPs.

LP Matching Priority

In the event of price/size ties LP Matching Priority will be used to determine which LP child order(s) are sent to. Your EBS representative will be able to configure and discuss the appropriate priority ordering.

Single Ticket Order Flow

When trading Single Ticket Pricing a single order is sent which will receive a single fill against a single LP.

Imagine receiving pricing from 2 LPs, with the ECN book consolidating both LPs looks as below (for simplicity this example shows one side of the book):

Example to trade:

10mio – SELL 10mio@1.25090
12mio – SELL 12mio@1.25087
15mio – SELL 15mio@1.25085

Sweepable Order Flow

When trading on Sweepable Pricing a single order is sent which will receive an Execution Report (ER) for each quote it executes against in the market depth it sweeps through.
For each LP that accepts and fills the order an ExecutionReport is sent. In the event an individual LP rejects an order then, following any successful fills, an ExecutionReport with an ExecType of Cancelled will be sent to signify that the full quantity was not executed.

Sweepable pricing requires you to specify a limit price corresponding to the depth you wish to sweep to. Imagine receiving pricing from 2 LPs, with books as shown below (for simplicity the example will describe one side of the book):

Example to trade:

1mio – SELL 1mio @1.25090
3mio – SELL 3mio @1.25087, EBS will sweep through trading:
- LP1 1mio @1.25090
- LP2 1mio @1.25090
- LP2 1mio @1.25087
5mio – SELL 5mio @ 1.25085 EBS will sweep through trading:
- LP1 1mio @1.25090
- LP2 1mio @1.25090
- LP2 2mio @1.25087
- LP2 1mio @1.25085

Each individual LP may fully fill or reject the EBS child order.

Pass-Through

For the lowest latency, clients can target a specific LP in tag 128-DeliverToCompID. This feature is only supported for orders that do not rest on the book (IOC/FOK)

Single Ticket Order Flow

Single Ticket pricing is intended to simply target an individual LP using tag 128 and the order will either be fully filled or rejected (Fill Or Kill, FOK).
Imagine receiving pricing from 2 LPs, with books as shown below (for simplicity this example shows one side of the book):

Example to trade:

10mio – choose to target either LP1 or LP2 to SELL 10mio@1.25090
12mio – target LP2 to SELL 12mio@1.25087.
15mio – target LP2 to SELL 15mio@1.25085

Sweepable Order Flow

Sweepable pricing requires targeting an individual LP (using tag 128) and volume level for each part of the sweep. Imagine receiving pricing from 2 LPs, with books as shown below (for simplicity the example will describe one side of the book):

Example to trade:

1mio – choose to target LP1 with a limit price of SELL 1mio@1.25090
2mio – choose to:
- Target LP1 to SELL 1mio @1.25090
- Target LP1 to SELL 1mio @1.25087 (note, both orders target LP1).
5mio – choose to:
- Target LP1 to SELL 1mio @1.25090
- Target LP1 to SELL 2mio @1.25087
- Target LP2 to SELL 2mio @1.25085 (the order will be passed through targeting the LPs 2mio price).

Each individual LP may fully fill or reject your order.

Cancel On Disconnect

EBS will cancel all open orders in the event of a disconnection. Taking an STP feed will ensure that you receive details of any fills missed during your downtime. Alternatively clients can verify the status of their orders by way of sending Order Status requests.

Order Cancel

An Order Cancel Request (35=F) can be sent. This message requests the cancellation of all of the remaining quantity of a resting order in the current trading session for the criteria specified in the request. Neither IOC nor FOK orders can be cancelled.
In response to the submission of an OrderCancelRequest, the client will receive either an OrderCancelReject or an Execution Report, indicating the status of the order.
For an order that has in flight deals, the first ExecutionReport will indicate that the cancel is pending. A subsequent resolution to the cancel request will be sent to the client – either an ExecutionReport with OrdStatus=Cancelled, indicating the cancel request has been satisfied, or else (if the order was filled for the full amount), an OrderCancelReject with OrdStatus= 2, Filled.

Order Status

The OrderStatusRequest can be used to request the status of the last 300 orders. To find the order(s) requested, only the ClOrdId(11) will be used. If more than one order has the same ClOrdId(11), the most recent order will be reported. Only orders submitted with matching SenderCompID can be queried.

EBS will send an Execution Report message with ExecType=I with an OrdStatus containing the current state of the order.
For an unknown order, EBS will send an ExecutionReport with OrdStatus=Rejected and Text="Unknown Order".

Order Rejection

In the event an order is invalid, there is insufficient credit or liquidity is no longer available a client may receive a rejection from EBS.

Resting Orders

EBS will cancel all open resting orders in the event of a disconnection. Taking our Central Post Trade STP feed will ensure that clients receive details of any fills missed during your downtime. Alternatively clients can verify the status of their orders by way of sending Taker API Order Management#Order Status requests.