Market Conditions Prompt EBS Migration Change
Posted by Colin Lambert. Last updated: March 17, 2022
In response to ongoing market events and clients requests, EBS has decided to extend the timeline for its technology migration to CME Globex, including the upgrade of EBS Direct to EBS Direct 2.0, for six weeks.
The migration of EBS Market and eFix to Globex, and the EBS Direct will upgrade to EBS Direct 2.0, was due to start at the beginning of April, will now take place on Sunday, May 15 (trade date Monday, May 16), subject to regulatory approval.
In a statement, EBS says it is “fundamentally committed” to providing a trusted primary market which its clients can rely on, especially in times of market stress. “We do not want to introduce any additional potential operational risk while our clients’ resources are focused on the crisis in Ukraine,” it says. “In addition, a number of clients have asked us to consider briefly delaying the migration date as they are now experiencing temporary IT freezes or a reallocation of internal resources.
“Therefore, while many of our clients do remain ready, we believe the best path forward for our entire EBS community is to provide this additional time so our May 16 migration is as successful as possible for everyone,” the firm adds.
Leading into the new migration date, EBS will extend and continue to operate weekend mock tests. Early Access trading (EA) will also be extended through the close on Friday, May 13, to allow clients to verify their business readiness for the migration to Globex before the hard cut-over.
“We appreciate the investment your firm and your team have made in the future of EBS, and we highly value your commitment and participation in our markets,” EBS says in a note informing clients of the change. “Though we know it is difficult to predict when clients’ business and resource challenges will be fully resolved, we hope the extended timeline is helpful. We are committed to the May 15 migration date and will be working closely with your teams to ensure we complete the migration and achieve that and the benefits this will bring to all clients.”