An ebs_cpt session is paired with ebs_market_ilink3_sbe. When fills occur for orders on ebs_market_ilink3_sbe, drop-copies will be delivered providing additional regulatory details.

Please note that MarketFactory has completed EBS CPT FIX certification with EBS Markets for PrimeBroker Client and InterDealer workflows, against  Spot, Metals, NDF, eFIX Instrumets.

The PrimeBroker workflow is currently out of scope; MarketFactory's PB clients use our Reflector pre-trade credit checking system. 

CPT runs active-standby regional servers, but for heightened resiliency EBS recommend running two CPT FIX sessions active-active in separate regions (e.g. London and New York).

Tickets are then delivered across both sessions with clients processing the ticket they receive first and discarding the second copy they receive.

In this way even during regional outages, ticket delivery should continue unaffected.

Please note that a number of fields in the Order-session ExecutionReport are not applicable for the DropCopy equivalent.

• The drop-copy ExecutionReport messages do not provide any status info relating to the originating order (OrdStatus, LegCumQty, LegLeavesQty, LegAvgPx, etc).
• LegIndividualAllocID is always populated with a value of '1' and will not correlate with the Orders session message, if the client specified any other value than 1.

Only the final ticket after a fixing event will be published for eFix orders so there is no ExecutionReport delivered for preceding match event notifications.

The SecurityGroup field in an eFix DropCopy ExecutionReport will be populated with the fixing product, eg: EUR/USD BFIX 1630 LN.

Please note CPT delivers EOM tenor trades as broken-dated.

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