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Bloomberg Index Services Limited has agreed with CME Group to include EBS Market's spot foreign exchange transactions in its Bloomberg FX Fixings benchmark, expanding the data sources used to calculate the widely-used FX reference rates.
The addition of EBS Market transaction data aims to strengthen BFIX's ability to provide reliable, representative and transparent FX fixings for global currency markets. Bloomberg said the enhanced data pool will improve market participants' ability to match BFIX rates whilst reducing overall risk.
"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," said 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."
EBS Market operates as a regulated, anonymous all-to-all matching platform and primary market venue for foreign exchange trading. The platform's central limit order book provides firm liquidity and no last-look pricing for market participants.
"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," said Paul Houston, global head of FX at 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."
Bloomberg Index Services Limited will conduct a market consultation later this year to gather feedback on plans to incorporate EBS Market data into the BFIX methodology, with implementation expected in early 2026 depending on consultation outcomes.
The BFIX family covers spot, forward and non-deliverable forward rates across a comprehensive range of global currencies and metals. The benchmark produces over 1,300 spot currency pairs and 3,950 forward and NDF fixings.
BFIX benchmarks are UK Benchmark Regulation compliant and designed in alignment with the International Organization of Securities Commissions principles for financial benchmarks. Market participants use the rates for portfolio benchmarking, derivatives valuation, index construction and trade execution.
Bloomberg Index Services Limited operates as part of Bloomberg's broader index business, creating indices across asset classes including fixed income and commodities. The unit has access to Bloomberg's data resources, technology for calculations and analytics, and distribution capabilities.
Bloomberg Reference Fixings (delayed) can be viewed here: https://www.bloomberg.com/markets/currencies/fx-fixings
More information about Bloomberg Fixing Reference Rates can be found here: https://www.bloomberg.com/professional/products/indices/fx-findings-reference-rates/#overview
A factsheet about Bloomberg BFIX FX Benchmark Solutions can be found here: https://assets.bbhub.io/professional/sites/10/BFIX-FX-Fixings-Fact-sheet-.pdf
