EBS Exits the FX Forwards Market
Posted by Colin Lambert. Last updated: January 11, 2024
CME Group is in the process of closing down its FX swaps and forwards dealing functionality on EBS Direct, which is mainly an RFQ mechanism. The service will operate until 26 April 2024 to allows clients to transition to other providers.
In a statement, CME Group says “Following an evaluation of the FX product portfolio, EBS will no longer offer RFQ workflow solutions for FX swaps and outright forwards to clients. The technology for this service is currently offered by a third-party platform, outside of the CME Group infrastructure. We will work with our clients to ensure a smooth transition to their chosen alternative venues.
“CME Group is committed to providing best in class FX products for our clients, and these changes allow us to continue allocating resources to our core FX businesses: EBS Market for spot and NDFs, EBS Direct for spot and precious metals and CME Group FX futures and options’” it adds. “We are in the process of rolling out several product enhancements to EBS Market, we continue to invest in high performance capabilities for EBS Direct, and in H2 2024 we will launch the new CME FX Spot+ marketplace.”