EBS Direct 2.0 - Maker API Rules of Engagement
EBS Direct 2.0 is a low latency relationship based trading platform. This document represents a FIX 4.4 compliant specification for market makers to provide liquidity to EBS clients. It should provide Connectivity Analysts and Developers with the detail needed to integrate quickly with the EBS Direct platform using the FIX API.
To get connected as soon as possible to EBS Direct 2.0, please download the FIX Data Dictionary (XML) and navigate to additional topics:
Supporting Documentation
FTC documentation is available from the FTC website. See also:
FTC FIX Specification 4.4
FTC FIX Specification 5.0 SP2
Session Requirements
There are two types of FIX session:
MD - Market Data (Executable Streaming Prices (ESP)
Order - Trading (ESP)
Market Data sessions are used to subscribe to and receive Market Data. A single FIX session may support one or more pricing segments, each pricing segment will be handled on a separate Market Data subscription. Ability to support multiple Pricing Segments on a single FIX session is new functionality (which was not available on EBS Direct 1.0).
Orders related to ESP prices are submitted down a dedicated Trading session.
Products Supported
Instruments Supported
EBS supports FX pricing & trading in Spot. Support for Metals and NDFs is forthcoming.
Order TIFs and Types
The following TIFs are supported:
Fill or Kill (FOK)
The following order types are supported:
Limit (preferred)
Previously Quoted
Tenor and Settlement Dates
The following standard tenor codes will be supported, although only Spot is available at launch:
Tenor | Meaning |
---|---|
0 | Spot |
1 | Today (T + 0) |
2 | Tomorrow (T+1) |
3 | Tom Next (T+2) |
C | Spot Next (Spot + 1) |
Dx | FX tenor expression for days, e.g. D5 |
Wx | FX tenor expression for weeks, e.g. W13 |
Mx | FX tenor expression for months, e.g. M3 |
Yx | FX tenor expression for years, e.g. Y1 |
IMMx | Quarterly IMM tenor expression. x = the nth IMM |
B | Broken. Non-standard tenor indicated by SettlDate |
Currency
Currency is always base.
EBS does not support inverted exchange rates (eg. JPY/USD).
STP
EBS offer a real-time post trade solution for deals executed on EBS Direct via our Central Post Trade STP service. Other options are available.
It is recommended that you consume an STP feed alongside your trading feed (for reconciliation purposes in the unlikely event of a Production issue).
System Schedule
EBS FIX Servers are available 5pm on Sunday until 5pm on a Friday (New York time). Value date rolls for most pairs at 5pm New York Monday to Friday. Both system close and value date rolls observe New York DST (Daylight Savings Time).
Both Daily and Weekly session schedules are supported. Outlined below is an example daily schedule:
Time | Action |
---|---|
17:00 Sunday | Start FIX session, EBS subscribes to Market Data. |
17:00 Monday – Friday | Pricing & Trading stops. No orders are submitted at this time. |
17:01 Monday - Thursday | Start FIX session, EBS subscribes to Market Data. |
How was your Client Systems Wiki Experience? Submit Feedback
Copyright © 2024 CME Group Inc. All rights reserved.