CME Group’s EBS has been established three decades in the market as a primary venue for reliable, anonymous liquidity and price discovery in cash FX. During the review period, CME further pushed EBS’s value proposition by launching several new initiatives.
In 2023, the group implemented a size priority matching algorithm for USD/TWD on EBS Market, enhancing liquidity by increasing inventory at the top of the book by 7% and boosting order volumes, with around 20% of trades in $3 million and above orders. Bank quote sizes increased by approximately 30%, potentially improving fill rates and market impact. This matching logic will expand to INR and KRW by July 2024.
CME Group also introduced several enhancements for the EBS Market non-deliverable forward (NDF), spot and metals central limit order book (CLOB), aimed at further improving the client experience. These included new, faster EBS Ultra spot and NDF market data channels, which reduced conflation intervals and enabled more granular sub-pip price increments. These updates improved market data speeds from 100ms to 5ms and reduced the minimum quote lifespan from 500ms to 50ms, enhancing liquidity accuracy.