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The allowed symbol and security group combinations for Metals are as per the table below:

MetalSymbolSecurityGroupComment
SilverXAG/USDUnpopulatedStandard
Small SilverXAG/USDXAG/USD SMUsed to be traded as SAG/USD prior to EBS migration.
Gold (EUR)XAU/EURUnpopulatedDoes not exist!
Small Gold (EUR)XAU/EURXAU/EUR SMUsed to be traded as SAU/EUR prior to EBS migration.
GoldXAU/USDUnpopulatedDoes not exist!
Small GoldXAU/USDXAU/USD SMUsed to be traded as SAU/USD prior to EBS migration.
Palladium (Zurich)XPD/USDUnpopulatedSettles via loco Zurich.
Palladium (London)XPD/USDXPD/USD LNSettles via loco London. Used to be traded as LPD/USD prior to EBS migration.
Platinum (Zurich)XPT/USDUnpopulatedSettles via loco Zurich.
Platinum (London)XPT/USD

XPT/USD LN

Settles via loco London.  Used to be traded as LPT/USD prior to EBS migration.

CME FX Spot+

FX Spot+_ API Users guide

The SecurityGroup field must be populated with the string "FXSpot+" to trade these instruments.

The CME FX Spot+ tradable instruments will be available for the select currency pairs.

Product NameSymbolSecurity Group
Euro / US Dollar Spot FXEUR/USDFXSpot+
US Dollar / Canadian Dollar Spot FXUSD/CADFXSpot+
British Pound / US Dollar Spot FXGBP/USDFXSpot+
Australian Dollar / US Dollar Spot FXAUD/USDFXSpot+
US Dollar / Japanese Yen Spot FXUSD/JPYFXSpot+
US Dollar/Swiss Franc Spot FXUSD/CHFFXSpot+
New Zealand Dollar/US Dollar Spot FXNZD/USDFXSpot+
US Dollar / Mexican Peso Spot FXUSD/MXNFXSpot+


Note
  • The product thresholds and limits published in SecurityStatus message are specified in base currency.
  • Liquidity for FXSpot+ orders can be from other FXSpot+ orders, or from FXLink spread orders. It is therefore possible for MDEntrySize to be a non-rounded amount indicating implied liquidity.
  • MaxShow not supported for FXSpot+
  • If an order is partially filled, and the remaining quantity falls below the Minimum Order cancel threshold for the product, the remaining order will be canceled by CME.

iLink Order Cancel-Replace and In-Flight Mitigation

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Warning

Please note that On-SEF NDF Tailored Order Book feature is not supported by the MarketFactory API.

Clients are advised to contact the MarketFactory Delivery Team incase they would like to participate in trading the Tailored Order Book. 

Conditional Price Increment Orders

Note

CPI will allow the submission of orders with sub-pip prices when trading the eligible Spot instruments.

Clients can place orders with sub-pip price in Price/ tag44 in NewOrderMultileg. For Price Discretion orders to match CPI orders, clients should populate the Alternate Globex Minimum Tick values [available as AltMinPriceIncrement BodyPassthruValue on the ebs_market_mdp3_sbe_udp and ebs_market_mdp3_sbe gateways] on the DiscretionOffsetValue field in NewOrderMultileg.

Supported instruments, minimum tick, and minimum quote life as per the Conditional Price Increment CME confluence page.

Order Matching and Reconciliation

Note
titleOrder Matching and Reconciliation

 iLink3 can report multiple trades in a single Execution Report message as explained in the links below;

https://www.cmegroup.com/confluence/display/EPICSANDBOX/iLink+3+Binary+Order+Entry+-+EBS+Market+on+CME+Globex#iLink3BinaryOrderEntryEBSMarketonCMEGlobex-FillorKill(FOK) and

https://www.cmegroup.com/confluence/display/EPICSANDBOX/iLink+3+CPT+Reconciliation


In such cases, Enterprise gateway generates multiple ExecutionReports, with OrderEventExecID from the individual match event  appended to the ExecID in the format described below.

	ExecID = ExecID:OrderEventExecID

Clients can use the second part of ExecID, after ":", to reconcile with the CPT Dropcopy reports. 


Please note: Client order with TimeInForce=FOK will either be filled in full or eliminated at all times. It is possible that such orders, can have more than one matching event, resulting in more than one ExecutionReports to clients.

FAK/FOK Credit Enhancements

Note
titleEBS ilink3 FAK/FOK Credit Enhancements

Effective Sunday, August 13 (trade date Monday, August 14), CME Group will implement enhancements to iLink 3 EBS Fill and Kill (FAK) and Fill or Kill (FOK) order behavior where credit is insufficient. With this change, if an FAK/FOK order cannot match due to insufficient bilateral credit, it will be accepted and then cancelled.

If an FAK/FOK order cannot match due to insufficient bilateral credit, Whisperer clients will receive ExecutionReport with OrdStatus = New and subsequently ExecutionReport with OrdStatus = Cancelled.

Currently, if an FAK/FOK order cannot match due to insufficient bilateral credit, the order is accepted and eliminated.

NDF Liquidity Pool Consolidation:

Note
titleNDF Liquidity Pool Consolidation


Background of EBS Market NDF Trading

  • EBS Market (CLOB) operates Spot FX and precious metals markets under the legal entity EBS SERVICE COMPANY LIMITED (MIC: EBSC)
  • NDFs operated under the same legal entity venue as Spot and Precious Metals until 2013. 
  • In 2013, a Swap Execution Facility (SEF) called NEX SEF (MIC: NEXS) was launched to address regulatory requirements in the US. 
  • US-located clients began trading “on-SEF”, while EMEA and APAC continued trading “off-SEF” on the legacy venue. 
  • In 2017, the off-SEF instruments were migrated to a separate regulated venue, a Multilateral Trading Facility (MTF) called BEL MTF (MIC: XEBS). 
  • Late last year, the CFTC reaffirmed the no-action relief previously given to MTF venues, allowing full access from US participants (previously restricted to accessing only SEF venues.) 
  • This cleared the way for CME to merge all NDF trading onto the MTF, thus removing bifurcation from the NDF market. 

Single Liquidity Pool (SLP)Timeline: Beginning 30 September 2024, EBS Market NDFs will no longer trade on the NEX SEF and the BEL MTF; all NDF trading will happen on the BEL MTF. 

  • No changes will occur to existing MTF trading, connectivity or venue setup. 
  • SEF trading will no longer be allowed (order entry disabled)
  • SEF will remain live for contingency purposes