Effective Sunday, January 26, 2025 (trade date Monday, January 27), pending the completion of all regulatory review periods, EBS Market will launch On-MTF NDF tailored order books on CME Globex.

These new products are identical to the current EBS Market On-MTF NDF instruments, but have a new value in tag 207-SecurityExchange and a unique credit configuration. These On-MTF NDF markets offer relationship-based trading through bilateral credit relationships between Liquidity Provider(s) and Liquidity Consumer(s) on CME Globex. Liquidity Consumers will not have credit relationships with each other in these instruments.

Contents

1 Revision History
2 Key Events and Dates
3 Testing and Certification
4 Tailored Order Book Impacts
5 Product Information
- 5.1 Entity and Credit
- 5.2 Order Entry
- 5.3 Market Data
  - 5.3.1 EBS Market on CME Globex Market Data Features
- 5.4 CME STP and CPT FIX
  - 5.4.1 CME STP FIX and FIXML
  - 5.4.2 CPT FIX
- 5.5 Client Reports
6 Contact Information

Revision History

Date	Description

Date	Description
December 4, 2024	Initial publication of this topic.

Key Events and Dates

Date	Milestone

Date	Milestone
December 8, 2024	Available in New Release
January 26, 2025	Available in Production

Testing and Certification

Certification is not required. Testing in the New Release environment is strongly encouraged.

Tailored Order Book Impacts

The following section outlines tailored order book impacts to clients.

Product Information

The following new On-MTF NDF instruments will be launched:

Tailored ordered book product and instrument information will be available in Reference Data API and MDP 3 Security Definition messages to entitled clients.

Product Name	Product Long Name	Tag 6937-Asset	Tag 1151-Security Group	Tag 207-SecurityExchange

Product Name	Product Long Name	Tag 6937-Asset	Tag 1151-Security Group	Tag 207-SecurityExchange
On-MTF NDF Tailored Liquidity Pool USD/TWD 1M	FXNDF.TLP.USD/TWD	TWD1TL	TNDF	EBSO
On-MTF NDF Tailored Liquidity Pool USD/KRW 1M	FXNDF.TLP.USD/KRW	KRW1TL	TNDF	EBSO
On-MTF NDF Tailored Liquidity Pool USD/INR 1M	FXNDF.TLP.USD/INR	INR1TL	TNDF	EBSO
On-MTF NDF Tailored Liquidity Pool USD/IDR 1M	FXNDF.TLP.USD/IDR	IDR1TL	TNDF	EBSO
On-MTF NDF Tailored Liquidity Pool USD/PHP 1M	FXNDF.TLP.USD/PHP	PHP1TL	TPHP	EBSO
On-MTF NDF Tailored Liquidity Pool USD/BRL 1M	FXNDF.TLP.USD/BRL	BRL1TL	TNDF	EBSO
On-MTF NDF Tailored Liquidity Pool USD/CLP 1M	FXNDF.TLP.USD/CLP	CLP1TL	TNDF	EBSO
On-MTF NDF Tailored Liquidity Pool USD/COP 1M	XNDF.TLP.USD/COP	COP1TL	TNDF	EBSO

Entity and Credit

Clients must obtain a new CME Globex Firm IDs (GFID) to trade the new tailored order book instruments. These GFIDs cannot be used to trade on any other CME Globex market.

In the tailored order book instruments, liquidity providers and consumers must define bilateral credit relationships with each other.

Liquidity providers cannot create credit relationships with other liquidity providers.
Liquidity consumers cannot create credit relationships with other liquidity consumers.

Order Entry

The new tailored order book markets will support all EBS Market on CME Globex functionality.

Market Data

Tailored order book instruments will be published on a new MDP Conflated TCP channel, as detailed below.

Market	NEW - Market Data Group	Channel ID	Description

Market	NEW - Market Data Group	Channel ID	Description
EBS Market tailored order books	CME MDP Conflated TCP for Tailored Order Books	548	20 millisecond conflated messaging 5-Deep Market By Price (MBP) Trade Summary messages unavailable Credit screened - client systems will only receive price levels where there is tradeable quantity EBS Best prices (top bid and ask offers available to all client systems) are unavailable TCP Connectivity Security List Request Message Support Security Status Request Message Support Market Data Request Message Support Simple Binary Encoding (SBE)

EBS Market on CME Globex Market Data Features

The market data for tailored order book instruments is a standard MDP 3.0 20 millisecond conflated TCP service, except that Trade Summary messages will not be published.

CME STP and CPT FIX

Tailored order book trades will be supported on CME STP, CME STP FIX, CPT FIX and will reflect the new exchange code EBSO.

CME STP FIX and FIXML

FIX Tag	FIXML Attribute	Value	Description

FIX Tag	FIXML Attribute	Value	Description
1117-RootPartyID	ID	EBSO	Exchange identifier for tailored order book instruments
1118-RootPartyIDSrc	Src	G	Code denoting that the ID is the Exchange identifier

CPT FIX

FIX Tag	Value	Description

FIX Tag	Value	Description
448-PartyID	EBSO	Exchange identifier for tailored order book instruments
447-PartyIDSource	G	Code denoting that the ID is the Exchange identifier

Client Reports

The EOD Client Order Events - Off-SEF (CEOD200) report will support tailored order book markets, with the new exchange identifier EBSO.

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).

CME Group Client Systems Wiki

On-MTF NDF Tailored Order Books