EBS Migration Gets Industry Thumbs Up
Posted by Colin Lambert. Last updated: May 20, 2022
The very fact that it passed largely unnoticed in the FX industry provides testament that the long-planned and much-awaited migration of EBS to parent CME Group’s Globex platform last weekend was a success. Originally planned for the start of April, the migration was deferred due to global events, but has now been completed.
Market participants report a few teething issues with feeds to WMR and the provision of volume data, however say that activity levels on the platform were near, or at, normal from Tuesday onwards. Monday was a holiday in Singapore, therefore volumes were subdued given EBS’ strength in JPY and CNH, but they quickly recovered.
“There were no serious issues, which is good given how much it has cost us to do the work on migration,” says the global head of e-FX trading at a major bank in London. “We’re happy it’s behind us, but it went as well as could be expected.”
A spokesperson for CME Group says, “While it’s still early days, we’re pleased with the migration, and we continue to focus on providing support to our clients during this transition.”