CME Group will move NDF trading to the EBS Market platform.
Officials say CME Group will merge its two Non-Deliverable Forward (NDF) liquidity pools on the Electronic Broking Services (EBS) Market platform into a single trading venue by October 2024, pending regulatory approval.
According to CME Group, the merger will bring together market participants “across all regulatory jurisdictions” in a unified global trading environment to improve market efficiency. The move is intended to strengthen EBS's role as a source of centralized liquidity and price discovery in NDFs.
“Given the continued fragmentation and increasing complexity of the global FX market, the need for a unified, globally accessible primary trading venue for NDFs has never been greater,” said Paul Houston, global head of FX products at CME Group, in a prepared statement.
Officials add that the EBS Market “became the first venue to offer electronic NDF trading through a centralized limit order book in 2007. Clients have the opportunity to trade one-month Asian NDFs, Latin American NDFs and African NDFs on the platform.”
As a major derivatives market, CME Group offers trading venues for futures, options, cash and over-the-counter (OTC) markets. In addition, the company offers global benchmark products for all major asset classes based on interest rates, equity indices, foreign exchange, energy, agricultural products and metals.
The Company also offers futures and options-on-futures trading through the CME Globex transaction processing platform, fixed income trading through BrokerTec, and foreign exchange trading on the EBS platform. In addition, it offers centralized counterparty clearing through CME Clearing.
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