The EBS Direct API offers flexibility to integrate with a wide variety of client implementations. Outlined in this section are recommendations for how to structure Market Data and Order flow. However if you have specific requirements then please discuss these with your EBS Client Integration Manager. 

Pass-Through

Clients are encouraged to use Pass-Through; where an individual LP is targeted on each Market Data Request (35=V) and New Order Single (35=D) using the DeliverToCompId(128). Clients using this method will benefit from reduced latency (<=50 microseconds). EBS recommends the following configuration:

• Individual subscriptions are established per LP.

• All Market Data over a single Market Data FIX session.

• Orders target a specific LP.

• All Orders over a single Order FIX session.

Open

ECN Model

If a Pass-Through model is unsuitable, or clients wish to take advantage of book processing features to reduce the volume of Market Data received, this is the recommended alternative. Latency is expected to be <=100 microseconds in this model. Note that prices are still attributed, they are simply aggregated into the same market data stream.

• All Market Data sent over a single Market Data FIX session.

• All Order flow sent over a single Order FIX session.

• No LP targeted in subscription request or in the order request.

• Client receives prices from all LPs in Market Data update.

Open