Background

• To improve trading and operational efficiencies in the FX market, EBS will consolidate the existing two NDF trading liquidity pools (on-SEF/on-MTF and off-SEF/on-MTF) into a single liquidity pool on the EBS UK MTF.

• Since June 2023, US persons can trade on the non-SEF market through an offshore branch. The expansion in access allows US persons to trade on EBS UK MTF by following the EBS prime trading model, where the qualified offshore entity of the US persons trade with BrokerTec Europe Limited (BEL MTF) via a PrimeBroker.
• As the changes in regulatory requirements helped US clients to trade on non-SEF markets, the SEF market became redundant. This allowed EBS to move all NDF trading to the MTF market.
• Refer to EBS Legal Entity and Regulatory Structure for more info.

Affected Venues

• ebs_market_mdp3_sbe
  
• ebs_market_mdp3_sbe_udp
• ebs_market_ilink3_sbe
• ebs_cpt

Change

• EBS will no longer support NDF pricing and trading on the SEF market (NEX SEF entity), as all NDF trading is moved to the MTF market under BEL MTF (MIC: XEBS).

• All NDF instruments will be suspended from trading on the EBS Market segment of the NEX SEF (MIC: NEXS).

Timeline

• 30th September 2024 - Prod - SEF trading will not be supported on the EBS Market. All NDF trading will be on the BEL MTF.

Whisperer clients will no longer be able to consume NDF prices from the EBS SEF market, and cannot trade on the EBS SEF market.

Clients will start to receive new value in the RegulatoryBodies field in SecurityStatus and ExecutionReport messages.

Clients are advised to contact the MarketFactory Delivery Team to ensure they are upgraded to 2024.XX.XX.WE release or later before the 30th of September, as per the timeline above.