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
Revision History
Date | Description |
|---|---|
December 4, 2024 | Initial publication of this topic. |
Key Events and Dates
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:
| 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 |
|---|---|---|---|
| EBS Market tailored order books | CME MDP Conflated TCP for Tailored Order Books | 548 |
|
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 |
|---|---|---|---|
| 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 |
|---|---|---|
| 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).