Effective Sunday, January 26 (trade date Monday, January 27), pending the completion of all regulatory review periods, Tailored Order Book trading will be made available in FX NDFs on CME Globex for EBS UK MTF customers.
These new products are identical to the current EBS Market On-MTF NDF instruments, but have a new value in tag 207-SecurityExchange and a unique credit configuration. These On-MTF NDF markets offer relationship-based trading through bilateral credit relationships between Liquidity Provider(s) and Liquidity Consumer(s) on CME Globex.
Liquidity Consumers will not have credit relationships with each other in these instruments.
Clients must obtain a new CME Globex Firm IDs (GFID) to trade the new tailored order book instruments. These GFIDs cannot be used to trade on any other CME Globex market.
In the tailored order book instruments, liquidity providers and consumers must define bilateral credit relationships with each other.
- Liquidity providers cannot create credit relationships with other liquidity providers.
- Liquidity consumers cannot create credit relationships with other liquidity consumers.
The new tailored order book markets will support all EBS Market on CME Globex functionality.
