EBS is restructuring the EBS Market off-SEF NDF venue effective Sunday, July 24 (trade date Monday, July 25), pending regulatory approval. All EBS Market off-SEF/off-MTF NDFs will be migrated to off-SEF/on-MTF UK-regulated multi-lateral trading facility (“MTF”) operated by BrokerTec Europe Limited, which is authorized and regulated by the UK Financial Conduct Authority.

This change will have no impact for the on-SEF/on-MTF NDF venue operated by NEX SEF Limited, nor the EBS Market or EBS Direct FX Spot instruments, which will continue to operate as they do today.

The off-SEF/on-MTF NDFs will have a daily trading close, similar to the NEXS on-SEF/on-MTF instruments. All Good for Session (GFS) orders are eliminated at the close. Currently, the off-SEF/off-MTF NDFs close weekly.

With this migration, CME Globex will validate MiFID short code identifiers for the new off-SEF/on-MTF instruments.

The CEOD200 report will be expanded to include both EBSSC-listed instruments and the new BEL-listed instruments.

There will be no impact to market data channels or order entry gateways. The current CME Globex Group Codes, product codes and product names will not change. There is no impact to CEOD201 reports.

The off-SEF/on-MTF NDF instruments will be available for customer testing in the CME Globex New Release environment Monday, July 11. A new supplemental functional certification test in AutoCert+ is mandatory for iLink 3 client systems that support NDF and did not certify for on-SEF/on-MTF NDFs. Client systems that certified for iLink 3 on-SEF/on-MTF NDFs, or that do not support NDF trading, are not required to complete this certification.

Clients interested in trading these off-SEF/on-MTF NDF instruments must complete all required onboarding, including disorderly market certification for algorithms and submission of Personal Identification information (“PII”) for manual and algo traders.