Bloomberg Index Services Limited (BISL) has partnered with CME Group to incorporate EBS Market’s Spot FX transactions into the Bloomberg FX Fixings (BFIX) benchmark, aiming to provide greater transparency and liquidity to global currency markets.
The move enhances BFIX by integrating transaction data from EBS Market, a primary trading venue offering firm liquidity and no last-look pricing.
Colin Gallagher, Bloomberg Index Services Limited BFIX benchmark & currency indices product manager, said, “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.
“We’re very happy to expand our distribution with CME Group to capture a broader pool of market liquidity which enhances the benchmark.”
Adding EBS Market data is expected to deliver improved price efficiency and reduced execution risk for market participants. According to CME Group, this inclusion strengthens BFIX’s role as a reliable reference point for aggregate market pricing.
CME Group global head of FX Paul Houston said, “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.
“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, administered and calculated by Bloomberg Indices, will hold a market consultation before officially integrating the new data source. The updated methodology will go live in early 2026.
Currently, BFIX benchmarks span over 1,300 spot currency pairs and nearly 4,000 forward and non-deliverable forward (NDF) fixings, covering both currencies and metals. These benchmarks are widely used in portfolio benchmarking, trade execution, derivatives valuation, and index construction.
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