Bloomberg to Add EBS Market Data to BFix
Posted by Colin Lambert. Last updated: July 17, 2025
Bloomberg Indices has announced an agreement with CME Group to include EBS Market’s spot FX data into its benchmark FX fixing service BFix, and will consult the market later this year on its plans to incorporate it.
Depending upon the outcome of the consultation, Bloomberg says it anticipates adding EBS Market data in early 2026. The firm also notes that the use of actual FX transaction data improves the ability for market participants to match BFIX, providing greater efficiency gains and reducing overall risk.
“The trade data from a leading primary market venue like EBS Market will complement our benchmark and strengthen the ability of banks to take on larger orders developing from the buyside on BFIX,” says Colin Gallagher, BFix benchmark & currency indices product manager, Bloomberg Indices. “We’re very happy to expand our distribution with CME Group to capture a broader pool of market liquidity which enhances the benchmark.”
Paul Houston, global head of FX at CME Group, adds, “As a regulated, anonymous all-to-all matching platform and primary market venue, the EBS Market central limit order book plays a critical role in FX markets, providing firm liquidity and no last-look pricing. Incorporating EBS Market data into BFIX ensures clients have the most robust and transparent indication of aggregate market prices at any given point in time.”
The Full FX View
Assuming the industry feedback doesn’t throw a spanner in the works – and there is no obvious reason why it should – this is an interesting move from Bloomberg as it strengthens its case for using its own fixing service.
Currently, while BFix offers a service, to many it has one problem – the data is sourced from indicative pricing and thus not only raises the spectre of the Ibor debacle, but also makes it harder to match to the actual hedging flow. Incorporating EBS Market trades will help combat that view, but only to a degree, thanks to the limitations imposed by the latter’s market coverage – albeit it is the platform of record in the busiest pairs.
At this stage, the mischievous amongst us start thinking about how it would really boost BFix if it also had access to LSEG Matching spot data – that would not only broaden the currency coverage, but make the BFix look more like the WM Fix, which is owned by LSEG of course!
Ultimately, although benchmark fixings are meant to provide reference rates, the reality is that just about every user expects to hedge their (often very large) exposures at the fixing rate. This means that incorporating actual trade data makes a fixing service more attractive to both banks and, presumably, end-users, which in turn is why the Bloomberg move is interesting.
By taking this step, the firm is adjusting its methodology to better reflect actual market practice, and, into the bargain, taking the first step towards providing real competition to WM, which remains the dominant player. Currency gaps will remain, but in two biggest pairs at least, they are being closed.
