Bloomberg Index Services Limited (BISL) has announced an agreement with CME Group to include EBS Market’s Spot FX transactions in its Bloomberg FX Fixings (BFIX) offering.
“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,” says Colin Gallagher, BFIX Benchmark & Currency Indices Product Manager, Bloomberg Index Services Limited. “We’re very happy to expand our distribution with CME Group to capture a broader pool of market liquidity which enhances the benchmark.”
The firm writes that the use of FX transaction data improves the ability for market participants to match BFIX, providing greater efficiency gains and reducing overall risk. The addition of EBS Market transaction data strengthens the objective of BFIX to provide FX fixings that are reliable, representative and transparent for global currency markets, the firm says.
“As a regulated, anonymous all-to-all matching platform and primary market venue, the EBS Market central limit order book plays a critical role in FX markets, providing firm liquidity and no last-look pricing,” says Paul Houston, Global Head of FX, CME Group. “Incorporating EBS Market data into BFIX ensures clients have the most robust and transparent indication of aggregate market prices at any given point in time.”
BFIX is administered and calculated by Bloomberg Index Services Limited (Bloomberg Indices). Bloomberg Indices will conduct a market consultation to gather feedback on its plans to incorporate the EBS Market data into the BFIX methodology later this year, with implementation expected in early 2026 depending on the outcome of the consultation.
The BFIX family of benchmarks covers spot, forward and non-deliverable forward (NDF) rates for a comprehensive global coverage of currencies and metals. BFIX produces over 1,300 spot currency pairs, and 3,950 forward and NDF fixings. The benchmarks, which are UK BMR compliant and designed in alignment with the International Organization of Securities Commissions’ (IOSCO) principles for financial benchmarks, are used by market participants who need to use foreign exchange rates for portfolio benchmarking, derivatives valuation, index construction and trade execution.
