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PRODUCTS	PRIMARY REGION	BACKUP REGION
New York FX Spot New York Metals	Equinix Secaucus NY5 ~~Slough LD4.2~~	Equinix Slough LD4.2 ~~Secaucus NY5~~
London FX Spot London NDFs	Equinix Slough LD4.2 ~~Secaucus NY5~~	Equinix Secaucus NY5 ~~Slough LD4.2~~

PRODUCTS

PRIMARY REGION

BACKUP REGION

New York FX Spot

New York Metals

Equinix Secaucus NY5 ~~Slough LD4.2~~

Equinix Slough LD4.2 ~~Secaucus NY5~~

London FX Spot

London NDFs

Equinix Slough LD4.2 ~~Secaucus NY5~~

Equinix Secaucus NY5 ~~Slough LD4.2~~

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Recovery.","type":"text"}]},{"type":"paragraph"},{"type":"mediaSingle","attrs":{"layout":"full-width"},"content":[{"type":"media","attrs":{"width":1845,"id":"e1a7d2bb-0048-4085-8802-776015440b4c","collection":"contentId-457217267","type":"file","height":586}}]},{"type":"heading","attrs":{"level":1},"content":[{"text":"Products","type":"text"}]},{"type":"paragraph","content":[{"text":"EBS products are available from CME Globex. Additional information is available in the ","type":"text"},{"text":"EBS Product Overview","type":"text","marks":[{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457089473"}}]},{"text":" topic.","type":"text"}]},{"type":"panel","attrs":{"panelType":"info"},"content":[{"type":"paragraph","content":[{"text":"eFix Matching instruments are available as distinct Products and Instruments. Clients who want to trade these markets must enter orders on the specific instruments. The ","type":"text"},{"text":"eFix Matching market data messages ","type":"text","marks":[{"type":"annotation","attrs":{"annotationType":"inlineComment","id":"53622e70-ca3d-40e6-a688-766eb03b66d7"}}]},{"text":"are separate from the Spot and NDF instruments.","type":"text"}]}]},{"type":"heading","attrs":{"level":1},"content":[{"text":"Notional Quantity ","type":"text"}]},{"type":"paragraph","content":[{"text":"EBS instruments on CME Globex trade in Notional Quantity terms. Order entry via iLink 3, all market data, and Product and Instrument records on Reference Data API v2 reflect notional terms for all quantity fields and attributes. All other instruments on CME Globex use contract or lot terms.","type":"text"}]},{"type":"paragraph","content":[{"text":"Detailed information on the Notional Quantity handling for each API is available in the Client Impact Assessments for each interface.","type":"text"}]},{"type":"heading","attrs":{"level":1},"content":[{"text":"Self-Match Prevention","type":"text"}]},{"type":"paragraph","content":[{"text":"For","type":"text","marks":[{"type":"annotation","attrs":{"annotationType":"inlineComment","id":"3630b277-192f-4592-9b2e-0990e664b864"}}]},{"text":" EBS Market and eFix Matching, the ","type":"text"},{"text":"CME Globex-style Self-Match Prevention","type":"text","marks":[{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457640025"}}]},{"text":" is supported with the following changes:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"SMP IDs","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"GFIDs may register for as many SMP IDs as desired","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"SMP IDs may be shared across GFIDs only if the GFIDs are part of the same Institutional Group","type":"text"}]}]}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"SMP Instructions are not supported","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"In the event of a self-match event, the arriving order will trade around any resting order(s) with the same SMP ID.","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"If arriving order is a Good For Session order, and does not fully trade, the remaining quantity will rest on the book at the same or better price level as the resting order(s). Market data will reflect the crossed book.","type":"text"}]}]}]}]}]},{"type":"heading","attrs":{"level":2},"content":[{"text":"SMP Features by Access Method","type":"text"}]},{"type":"table","attrs":{"layout":"default","width":1800.0,"localId":"92296f11-3e4c-474e-96b9-c981ef74beaf"},"content":[{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[351.0]},"content":[{"type":"paragraph","content":[{"text":"Order Entry","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[548.0]},"content":[{"type":"paragraph","content":[{"text":"Registration for SMP IDs","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[450.0]},"content":[{"type":"paragraph","content":[{"text":"Application Level","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[450.0]},"content":[{"type":"paragraph","content":[{"text":"Effect","type":"text","marks":[{"type":"strong"}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[351.0]},"content":[{"type":"paragraph","content":[{"text":"iLink 3","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[548.0]},"content":[{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Clients can register for as many SMP ID(s) as needed.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Each SMP ID must be associated to a single GFID.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Orders for any GUS under that GFID may use any SMP ID.","type":"text"}]}]}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[450.0]},"content":[{"type":"paragraph","content":[{"text":"Clients must submit a valid ID, registered to their GFID, on each individual order.","type":"text"}]},{"type":"paragraph","content":[{"text":"Technical Specification","type":"text","marks":[{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457324733#iLink3BinaryOrderEntry-EBSMarketonCMEGlobex-SelfMatchPrevention"}}]}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[450.0]},"content":[{"type":"paragraph","content":[{"text":"If two orders with the same SMP ID would match, the arriving order will trade around any resting order(s) with the same SMP ID.","type":"text"}]},{"type":"paragraph","content":[{"text":"Any remaining quantity will rest on the book at the same price level as the resting order(s).","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[351.0]},"content":[{"type":"paragraph","content":[{"text":"EBS Ai for CME Globex","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":2,"colwidth":[548.0]},"content":[{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Clients can register for a single SMP ID per GFID.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Clients can associate their SMP ID to any GUS’ under their GFID.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"All orders for the GUS will be assigned the associated SMP ID.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"If no SMP ID is registered for a GUS, SMP will not be applied to any orders submitted under that GUS.","type":"text"}]}]}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[450.0]},"content":[{"type":"paragraph","content":[{"text":"CME Group applies the SMP ID associated to the order’s GUS (if any). The SMP ID cannot be submitted by the client and will not be visible on any API messaging.","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":2,"colwidth":[450.0]},"content":[{"type":"paragraph","content":[{"text":"If GUS has an SMP ID defined:","type":"text"}]},{"type":"paragraph","content":[{"text":"Self-match will be prevented as designed.","type":"text"}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"If GUS does not have an SMP ID defined:","type":"text"}]},{"type":"paragraph","content":[{"text":"Orders from the same GUS and from the same GFID will be allowed to trade.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[351.0]},"content":[{"type":"paragraph","content":[{"text":"Workstation","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[450.0]},"content":[{"type":"paragraph","content":[{"text":"CME Group applies the SMP ID associated to the order’s GUS (if any). The SMP ID cannot be submitted by the client and will not be visible on any Workstation screen.","type":"text"}]}]}]}]},{"type":"heading","attrs":{"level":1},"content":[{"text":"In-Flight Mitigation","type":"text"}]},{"type":"paragraph","content":[{"text":"EBS Market and eFix Matching leverage CME Globex-style In-Flight Mitigation. ","type":"text"}]},{"type":"paragraph","content":[{"text":"In-flight mitigation (IFM) is an optional feature on CME Globex that allows client systems submitting cancel/replace messages to prevent overfilling in the event that the original order is filled while the cancel/replace message is being processed.","type":"text"}]},{"type":"paragraph","content":[{"text":"For example, with IFM enabled, if an order for 10 is filled for 2 prior to being replaced with an order for 5, the new order on the book will only be for 3. With IFM disabled, the new order will go on the book as 5.","type":"text"}]},{"type":"paragraph","content":[{"text":"CME Globex customers who want to use the IFM Cancel/Replace functionality must explicitly indicate their choice in the first Cancel/Replace messages by including Tag 9768=1.","type":"text"}]},{"type":"paragraph","content":[{"text":"See full details and a video on ","type":"text"},{"text":"CME Globex-style IFM","type":"text","marks":[{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457574507"}}]},{"text":".","type":"text"}]},{"type":"panel","attrs":{"panelType":"info"},"content":[{"type":"paragraph","content":[{"text":"CME recommends that EBS client systems submit ","type":"text","marks":[{"type":"textColor","attrs":{"color":"#242424"}}]},{"text":"Order Cancel Replace (tag 35-MsgType=G)","type":"text","marks":[{"type":"textColor","attrs":{"color":"#242424"}},{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457607672"}}]},{"text":" messages using tag 9768=1 to avoid overflow of cumulative quantity, since the quantity is in notional value.","type":"text","marks":[{"type":"textColor","attrs":{"color":"#242424"}}]}]}]},{"type":"heading","attrs":{"level":1},"content":[{"text":"Market Integrity Controls","type":"text","marks":[{"type":"annotation","attrs":{"annotationType":"inlineComment","id":"5dec9265-8025-4e45-9576-4e8fb0137602"}}]}]},{"type":"paragraph","content":[{"text":"The","type":"text","marks":[{"type":"annotation","attrs":{"annotationType":"inlineComment","id":"1979a74b-47ad-4ba4-b54b-736e7a27773f"}}]},{"text":" following Market Integrity Controls are supported for EBS Market and eFix Matching on CME Globex:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Automated port closure","type":"text","marks":[{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457087634"}}]}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Messaging controls (rolling 3 seconds)","type":"text","marks":[{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457317540"}}]}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Cancel on Disconnect","type":"text","marks":[{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457216487"}}]}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Cancel on Conclusion","type":"text","marks":[{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457324733#iLink3BinaryOrderEntry-EBSMarketonCMEGlobex-CancelonConclusion"}}]}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Maximum and Minimum Order Sizes","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Kill Switch","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.cmegroup.com/confluence/display/EPICSANDBOX/EBS+Credit+Overview+on+CME+Globex#EBSCreditOverviewonCMEGlobex-KillSwitch"}}]}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Price Banding","type":"text","marks":[{"type":"link","attrs":{"href":"https://cmegroupclientsite.atlassian.net/wiki/spaces/EPICSANDBOX/pages/457320464"}}]}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Unexecuted Order to Transaction Ratio","type":"text","marks":[{"type":"link","attrs":{"href":"#EBSMarketonCMEGlobexMarketFunctionality-UnexecutedOrdertoTransactionRatio"}}]}]}]}]},{"type":"heading","attrs":{"level":2},"content":[{"text":"Unexecuted Order to Transaction Ratio","type":"text"}]},{"type":"paragraph","content":[{"text":"EBS calculates the ratio of unexecuted orders to transaction for each of its NDF participants at the end of every trading session in both (i) volume terms and (ii) number terms:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Volume terms","type":"text","marks":[{"type":"strong"}]},{"text":": (Total volume of orders/Total volume of transactions) - 1","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Number terms","type":"text","marks":[{"type":"strong"}]},{"text":": (Total number of orders/Total number of transactions) - 1","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"Unexecuted orders to transaction ratios are monitored against the maximum thresholds set out in the below table, which have been determined taking into account the nature and liquidity of NDFs instruments on the EBS and normal trading patterns.","type":"text"}]},{"type":"table","attrs":{"layout":"default","width":1800.0,"localId":"a138d39e-3595-43ff-9d3d-f9c8b12e7732"},"content":[{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[904.0]},"content":[{"type":"paragraph","content":[{"text":"NDF Products (OFF SEF/ON MTF)","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[483.0]},"content":[{"type":"paragraph","content":[{"text":"Maximum Ratio ","type":"text","marks":[{"type":"strong"}]},{"type":"hardBreak"},{"text":"in Number Terms","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[410.0]},"content":[{"type":"paragraph","content":[{"text":"Maximum Ratio ","type":"text","marks":[{"type":"strong"}]},{"type":"hardBreak"},{"text":"in Volume Terms","type":"text","marks":[{"type":"strong"}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[904.0]},"content":[{"type":"paragraph","content":[{"text":"EOM NDFs","type":"text","marks":[{"type":"strong"}]},{"text":" (BRL, INR)","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[483.0]},"content":[{"type":"paragraph","marks":[{"type":"alignment","attrs":{"align":"center"}}],"content":[{"text":"30,000","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[410.0]},"content":[{"type":"paragraph","marks":[{"type":"alignment","attrs":{"align":"center"}}],"content":[{"text":"35,000","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[904.0]},"content":[{"type":"paragraph","content":[{"text":"LatAm 1M NDFs ","type":"text","marks":[{"type":"strong"}]},{"text":"(BRL, CLP, COP, PEN)","type":"text"},{"text":" and CNY 1M NDFs","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[483.0]},"content":[{"type":"paragraph","marks":[{"type":"alignment","attrs":{"align":"center"}}],"content":[{"text":"8,000","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[410.0]},"content":[{"type":"paragraph","marks":[{"type":"alignment","attrs":{"align":"center"}}],"content":[{"text":"10,000","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[904.0]},"content":[{"type":"paragraph","content":[{"text":"Asian 1M NDFs","type":"text","marks":[{"type":"textColor","attrs":{"color":"#172b4d"}},{"type":"strong"}]},{"text":" (IDR, INR, KRW, MYR, PHP, TWD)","type":"text","marks":[{"type":"textColor","attrs":{"color":"#172b4d"}}]}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[483.0]},"content":[{"type":"paragraph","marks":[{"type":"alignment","attrs":{"align":"center"}}],"content":[{"text":"5,000","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[410.0]},"content":[{"type":"paragraph","marks":[{"type":"alignment","attrs":{"align":"center"}}],"content":[{"text":"6,000","type":"text"}]}]}]}]},{"type":"paragraph","content":[{"text":"These thresholds are subject to ongoing review and calibration. Participants will be notified via the appropriate channels of any changes to these thresholds.","type":"text","marks":[{"type":"textColor","attrs":{"color":"#172b4d"}}]}]},{"type":"heading","attrs":{"level":1},"content":[{"text":"Institutional Prioritization Match Algorithm","type":"text"}]},{"type":"paragraph","content":[{"text":"The Institutional Prioritization algorithm is a two allocation ","type":"text"},{"text":"FIFO algorithm that ","type":"text","marks":[{"type":"textColor","attrs":{"color":"#242424"}}]},{"text":"provides matching priority to ","type":"text","marks":[{"type":"textColor","attrs":{"color":"#172b4d"}}]},{"text":"Globex Firm IDs (","type":"text","marks":[{"type":"textColor","attrs":{"color":"#454545"}}]},{"text":"GFIDs) in the same Institution Group","type":"text","marks":[{"type":"textColor","attrs":{"color":"#172b4d"}}]},{"text":". The first FIFO allocation fills the Institutional Group the aggressing order is associated with. The second pass allocation matches orders without an Institutional Group association. The Institutional Prioritization algorithm","type":"text","marks":[{"type":"textColor","attrs":{"color":"#242424"}}]},{"text":" uses time as the only criteria for filling an order for each FIFO pass. An order loses order priority and is re-queued if the order modified with an increase in quantity. 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