Bloomberg to Add EBS Spot FX Data to Benchmark in Deal With CME Group
Bloomberg Index Services Limited (BISL) has announced a deal with CME Group to include spot FX transactions from EBS Market in its Bloomberg FX Fixings (BFIX). The change is intended to enhance the benchmark’s transparency, accuracy, and alignment with real-market pricing.
Primary Market Data to Deepen Liquidity
The inclusion of EBS Market data—a primary, regulated, and anonymous FX trading venue—will reportedly provide greater depth and liquidity to the BFIX benchmark. BISL plans to hold a market consultation later this year, with full implementation expected in early 2026, depending on industry feedback.
Colin Gallagher, Product Manager for BFIX at Bloomberg, said the agreement would help banks manage larger buy-side orders by providing a broader pool of market liquidity.Colin Gallagher, Source: LinkedIn
“The trade data from a leading primary market venue like EBS Market will complement our benchmark and strengthen the ability of banks to take on larger orders developing from the buyside on BFIX,” he said. “We're very happy to expand our distribution with CME Group to capture a broader pool of market liquidity, which enhances the benchmark.”
Read more: Trading Technologies Expands FX Offering with EBS Market for Professional Retail Access
CME Group’s EBS platform offers firm pricing without last look, a feature that strengthens the benchmark’s reliability. “Incorporating EBS Market data into BFIX ensures clients have the most robust and transparent indication of aggregate market prices,” said Paul Houston, Global Head of FX at CME Group.
Aggregate Market Prices
BFIX publishes over 1,300 spot currency pairs and nearly 4,000 forward and NDF fixings. The benchmark, which is UK BMR compliant and IOSCO-aligned, is widely used for portfolio benchmarking, derivatives pricing, index construction, and trade execution.
By bringing in transaction-level data from EBS Market, Bloomberg aims to position BFIX as a more representative and trade-driven FX benchmark for institutional use.
Recently, Trading Technologies expanded its foreign exchange capabilities by integrating with EBS Market. According to the company, the move enables users of TT’s execution management system to trade spot FX, precious metals, and non-deliverable forwards on a primary FX liquidity venue offering anonymous, regulated, all-to-all matching.
Commenting about the move, TT said the integration responds to growing demand from institutional and professional retail traders for seamless, multi-asset access. The platform’s EMS supports advanced trading strategies through tools such as Autospreader and the ADL algorithmic design lab.