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:

1 Supporting Documentation
2 Session Requirements
3 Products Supported
- 3.1 Instruments Supported
- 3.2 Order TIFs and Types
- 3.3 Tenor and Settlement Dates
- 3.4 Currency
4 STP
5 System Schedule

Related Content

Related Content

Supporting Documentation

FTC documentation is available from the FTC website. See also:

EBS Direct Guide to Pair Parameters
EBS Direct 2.0 Maker FIX Data Dictionary (XML)
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

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 date on or after the spot date. (Third Wednesday of the last month of the quarter)
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

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. Value dates roll. Stop FIX session, reset sequence numbers.
17:01 Monday - Thursday	Start FIX session, EBS subscribes to Market Data.

CME Group Client Systems Wiki

EBS Direct 2.0 - Maker API Rules of Engagement