Trading Technologies Integrates with EBS Market, Expands FX Offerings

Trading Technologies (TT) has integrated its platform with EBS Market, the central limit order book (CLOB) operated by CME Group. This connection enables TT users to trade spot FX, precious metals, and non-deliverable forwards (NDFs) directly through TT's execution management system (EMS). EBS Market provides regulated, anonymous all-to-all matching for participants.

TT has also announced plans to further expand its connectivity to include EBS Direct, which is a relationship-based disclosed platform, and CME Group's recently launched FX Spot+. These upcoming additions are expected to allow TT to support the full suite of CME Group FX products across futures, options, and cash markets.

According to TT, this integration aligns with demand from both institutional and professional retail market participants who are seeking consolidated access to multiple asset classes. The platform's EMS tools, including Autospreader and ADL, are designed to support automated and algorithmic trading strategies. Tomo Tokuyama, TT's EVP & Managing Director, FX, stated, "This integration is an important part of our TT FX build-out and gives our clients access to another Tier 1 venue with the ability to trade seamlessly across asset classes." He added that "EBS Market has long been the go-to venue for market-making banks to hedge their FX risk, and for other large FX market participants to access firm liquidity in an all-to-all CLOB." Paul Houston, Global Head of FX Products at CME Group, also commented that recent market conditions have underscored the importance of firm, no-last-look pricing in supporting FX and metals trading, noting that this development is part of TT's FX expansion efforts aimed at facilitating cross-asset trading through electronic infrastructure.

In a related development, Bowmoor Capital and SummerHaven Investment Management have adopted Trading Technologies' Futures Transaction Cost Analysis (TCA) platform. This tool is designed to enhance trade performance and execution efficiency by using anonymized, microsecond-level futures trade data to provide customized analytics tailored to specific trading strategies. TT's Futures TCA aims to address transparency gaps in futures markets by offering detailed post-trade analysis and market visibility. The product leverages capabilities gained from TT's acquisition of Abel Noser Solutions, which expanded its data and analytics offerings. Future enhancements for the platform are expected to include pre-trade cost estimates based on historical data, further supporting execution optimization in futures trading.