The EBS Report
Spot | Forwards | NDFs | Metals
Welcome to the inaugural edition of The EBS Report. Find out what’s trending, what themes we’re seeing in our markets, new products and services we’re launching, and how our technology re-platforming is progressing. Learn about new EBS technology updates, products, and functionality developments.
- 12 Oct 2020
- By CME Group
Source: EBS, all data as of Q3 2020
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| Q3 Ranking | Currency pair | July | August | September | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| High | Low | Range | High | Low | Range | High | Low | Range | ||
| 1 | EUR/USD | 1.19080 | 1.11850 | 0.0723 | 1.19660 | 1.16950 | 0.0271 | 1.20140 | 1.16125 | 0.0402 |
| 2 | USD/CNH | 7.0763 | 6.9645 | 0.1118 | 6.9935 | 6.8436 | 0.1499 | 6.8825 | 6.7423 | 0.1402 |
| 3 | USD/JPY | 108.160 | 104.195 | 3.97 | 107.050 | 105.100 | 1.95 | 106.550 | 104.000 | 2.55 |
| 4 | USD/CHF | 0.94935 | 0.90570 | 0.0437 | 0.92415 | 0.89985 | 0.0243 | 0.92960 | 0.90020 | 0.0294 |
| 5 | USD/RUB | 74.5100 | 70.2000 | 4.3100 | 76.0000 | 72.6350 | 3.3650 | 79.9650 | 73.3600 | 6.6050 |
| 6 | EUR/JPY | 125.200 | 120.295 | 4.91 | 126.850 | 124.000 | 2.85 | 127.065 | 122.380 | 4.69 |
| 7 | EUR/CHF | 1.08380 | 1.06070 | 0.0231 | 1.08480 | 1.07220 | 0.0126 | 1.08770 | 1.07270 | 0.0150 |
| 8 | USD/HKD | 7.7545 | 7.7499 | 0.0046 | 7.7513 | 7.7500 | 0.0013 | 7.7507 | 7.7500 | 0.0007 |
| 9 | USD/SGD | 1.3970 | 1.3691 | 0.0279 | 1.3781 | 1.3577 | 0.0204 | 1.3793 | 1.3543 | 0.0250 |
| 10 | AUD/JPY | 76.82 | 73.94 | 2.88 | 78.35 | 75.16 | 3.19 | 78.30 | 73.98 | 4.32 |
| 11 | AUD/USD | 0.72265 | 0.68805 | 0.0346 | 0.74025 | 0.70820 | 0.0321 | 0.74100 | 0.70060 | 0.0404 |
| 12 | GBP/USD | 1.31615 | 1.23620 | 0.0800 | 1.33950 | 1.29900 | 0.0405 | 1.34710 | 1.26800 | 0.0791 |
| 13 | USD/CAD | 1.36440 | 1.33370 | 0.0307 | 1.34475 | 1.30210 | 0.0427 | 1.34210 | 1.29950 | 0.0426 |
| 14 | GBP/JPY | 139.05 | 133.09 | 5.96 | 141.98 | 137.79 | 4.19 | 142.55 | 133.17 | 9.38 |
| 15 | EUR/GBP | 0.91400 | 0.89375 | 0.0203 | 0.90665 | 0.89090 | 0.0158 | 0.92895 | 0.88710 | 0.0419 |
EBS is the primary market and price of reference globally across a range of spot and NDF pairs – including EUR/USD, USD/JPY, EUR/JPY, USD/CHF, EUR/CHF, USD/CNH, USD/KRW, USD/INR, USD/TWD.
Silver trading has increased by 118% in 2020.
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| Q3 Ranking | Currency pair | July | August | September | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| High | Low | Range | High | Low | Range | High | Low | Range | ||
| 1 | SAU/USD | 1982.90 | 1758.90 | 224.00 | 2075.20 | 1864.20 | 211.00 | 1992.50 | 1848.70 | 143.80 |
| 2 | XAG/USD | 26.1025 | 17.8100 | 8.29 | 29.85 | 23.71 | 6.14 | 28.90 | 21.76 | 7.14 |
| 3 | SAG/USD | 26.1325 | 17.8000 | 8.33 | 29.54 | 23.95 | 5.59 | 28.90 | 21.94 | 6.96 |
| 4 | LPT/USD | 967.5 | 809.5 | 158.00 | 1009.50 | 904.00 | 105.50 | 982.50 | 831.50 | 151.00 |
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| Q3 Ranking | Currency pair | July | August | September | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| High | Low | Range | High | Low | Range | High | Low | Range | ||
| 1 | KRW 1M | 1208.0 | 1189.0 | 19.0 | 1196.5 | 1177.0 | 19.5 | 1192.0 | 1157.6 | 34.4 |
| 2 | INR 1M | 75.830 | 74.700 | 1.13 | 75.550 | 73.305 | 2.24 | 74.300 | 73.020 | 1.28 |
| 3 | TWD 1M | 29.420 | 29.100 | 0.320 | 29.370 | 29.180 | 0.190 | 29.345 | 28.520 | 0.825 |
| 4 | IDR 1M | 14965 | 14459 | 506 | 15060 | 14540 | 520 | 15150 | 14710 | 440 |
| 5 | PHP 1M | 49.93 | 49.08 | 0.85 | 49.24 | 48.42 | 0.82 | 48.76 | 48.40 | 0.36 |
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| Q3 Ranking | Currency pair | July | August | September | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| High | Low | Range | High | Low | Range | High | Low | Range | ||
| 1 | KRW 1M | 1207.6 | 1186.6 | 21.0 | 1196.5 | 1176.5 | 20.0 | 1192.0 | 1156.7 | 35.3 |
| 2 | INR 1M | 75.820 | 74.650 | 1.17 | 75.560 | 73.280 | 2.28 | 74.280 | 72.950 | 1.33 |
| 3 | TWD 1M | 29.450 | 29.075 | 0.375 | 29.380 | 29.180 | 0.200 | 29.340 | 28.500 | 0.840 |
| 4 | IDR 1M | 14960 | 14466 | 494 | 15035 | 14535 | 500 | 15110 | 14581 | 529 |
| 5 | PHP 1M | 49.94 | 49.07 | 0.87 | 49.23 | 48.40 | 0.83 | 48.77 | 48.39 | 0.38 |
NDFs: In the news
To complement our existing African NDF offering in Nigerian Naira, Zambian Kwacha, Ghanaian Cedi, and Kenyan Shilling – we’re launching Egyptian Pound – along with Vietnamese Dong and Turkish Lira – all available for trading from November 2, 2020 and the minimum trade size will be 1 Million USD for all pairs.
Since its launch in 2015, the eFix Matching Service has provided the market with reliable benchmarks built on the integrity of EBS markets, and now, will be licensed by MOEX (Moscow Exchange) to provide matching for both their USD/RUB and EUR/RUB daily benchmarks. It is targeted to go live in December.
Benchmark volumes have dropped slightly since Q2 highs. However, it is exacerbated by the record volumes witnessed in March 2020, as we saw the impact of COVID-19 realized in the FX Fixing markets.
September saw volumes increase compared to July and August. In Q3, we had a record high in Bloomberg FX Fixings (BFIX) in both submission and matched volumes.
We continue to onboard users as interest in the service as a benchmark-risk management tool grows, with automation of fix order submission becoming a focus for both new and existing participants. Automation of client benchmark orders brings cost and efficiency benefits to fix order execution via the eFix Matching Service.
| Benchmark (Fixing) | Currency Pairs | Hours Supported | Status |
|---|---|---|---|
| WMR Benchmarks | All EBS Market Pairs | 24 Hour Support (00:00 – 23:00) | Live |
| BFIX (Bloomberg FX Fixings) | All EBS Market Pairs | 24 Hour Support (00:00 – 23:30) | Live |
| TKFE (Tokyo FX Hourlies) | EUR/USD, USD/JPY, USD/CHF, GBP/USD | 09:00 – 17:00 Tokyo Time | Live |
| HSRA (Hedge Settlement Rate Australia) | AUD/USD | 10:00 Sydney Time | Live |
| ABS (Association of Banks Singapore) | USD/SGD | 11:30 Singapore Time | Live |
| MOEX Fix | USD/RUB + EUR/RUB | 09:30 GMT | Coming November 2020 |
| TMA (Treasury Markets Association) | USD/CNH + USD/HKD | 11:00 HKT (11:30 Publication) | Live |
| WM 09:55 Tokyo Fix | EBS Market Pairs | 09:55 Tokyo Time | Live |
From now until the close of 2021, the underlying technology that powers all of EBS is being upgraded. Over the past two years, we have been consulting with the marketplace to ensure what we build fits the needs of our customers today – and in the future.
Workstation
All market participants using our existing Global Access (GA) platform should be set up on the new Workstation by December 11, 2020. This is our first hard deadline, as the platform’s front-end software – Adobe Flash – is being decommissioned. We are working on alternative solutions to enable ongoing connectivity, which your account manager or EBS Customer Support team can discuss with you. The new Workstation will deliver improved usability, and more features and functionality over time.
To arrange a demo of the new EBS workstation please contact your EBS Account Manager, or EBS Customer Support.
EBS Market
The first version of the EBS Market on Globex “Deep Dive” is available for API clients. The document goes into further detail following the customer forum, where information was provided to API customers on the migration onto Globex. The document provides more technical insight on migration regarding connectivity, order entry/trade confirmation workflow, and market data.
Log in to the portal
Access all the technical information for our technological upgrade – webinar, videos, factsheets, and deep dive decks.
EBS Direct
Whether you’re a liquidity provider or liquidity consumer, we’ve put together a full guide to the new releases on EBS Direct – as we move to pass-through trading times of less than 50 microseconds.
By the end of October 2020, we will be upgrading the EBSI front-end to HTML5 from Adobe Flash – so that our network of clients can benefit from enhanced technology, a better user experience, and an improved interface – allowing them to focus on making more informed trading decisions.
Contact us if you are interested in accessing this platform – or becoming a liquidity provider.
EBS Direct Goal: Our goal is to deliver world-class market data and trading message processing times: 50 microseconds or less for pass-through trading, 100 microseconds or less for ECN matching. This superior performance and scalability will reduce misses and improve fill ratios, increasing execution experience and profit potential for our participants.
The goal of EBS Direct 2.0 is to be the leading technology provider with best-in-class market data delivery and order processing times. Superior performance will reduce misses and improve fill ratios, resulting in a better user experience for both liquidity providers (LPs) and liquidity consumers (LCs).
- All LPs will benefit from enhanced, low-latency bank adapters
- For the majority of Liquidity Providers there will be no change, however we will need your help to conformance test with us
- Conformance testing will be carried out according to your certification procedures using a connection from our Customer Lab testing environment to your UAT environment
- LPs who want to write to our optimized Maker API, where we omit redundant and optional fields to reduce FIX message sizes thereby reducing latency and improving throughput, will have that opportunity.
The EBS Direct 2.0 Pass-Through Trading Early Adopter Program is now available globally.
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