Bloomberg Enhances BFIX with EBS Market's Spot FX Transactions for Greater Market Liquidity
Bloomberg Expands BFIX with EBS Market Data
In a significant development for the foreign exchange sector, Bloomberg Index Services Limited (BISL) has reached an agreement with CME Group to integrate EBS Market's Spot FX transactions into its Bloomberg FX Fixings (BFIX). This agreement, announced on July 16, 2025, aims to enhance the efficiency and reliability of FX benchmarks for global market participants.
Colin Gallagher, the BFIX Benchmark Currency Indices Product Manager, expressed optimism about the inclusion of EBS Market data, stating, "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." This addition is expected to broaden the distribution capabilities of BFIX, tapping into a larger liquidity pool that will ultimately serve to enhance the benchmark's reliability.
The Role of EBS Market in FX
The EBS Market plays a crucial role as a regulated, anonymous, all-to-all matching platform in the foreign exchange landscape. It eliminates last-look pricing and provides firm liquidity. Paul Houston, Global Head of FX at CME Group, remarked, "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." This integration is anticipated to improve the matching process for participants utilizing BFIX, thus leading to heightened efficiency and minimized risks.
Benefits of the BFIX Methodology
With the latest enhancements, BFIX will process a comprehensive array of FX transactions, thus offering notable efficiency gains. The family of benchmarks currently covers spot, forward, and non-deliverable forward (NDF) rates for a broad spectrum of currencies and metals. It produces over 1,300 spot currency pairs, as well as 3,950 forward and NDF fixings. The benchmarks adhere to UK BMR compliance and are designed in accordance with principles set forth by the International Organization of Securities Commissions (IOSCO).
Market participants leverage these benchmarks for various essential activities including portfolio benchmarking, derivatives valuation, index construction, and efficient trade execution. Bloomberg Index Services is committed to continuously improving the accuracy and transparency that market participants depend on.
Future Implementation Plans
As part of its commitment to stakeholder engagement, Bloomberg Indices have announced they will conduct a market consultation to gather insights on integrating EBS Market data into the BFIX methodology later this year. The company expects to implement these changes in early 2026, subject to feedback garnered through the consultation process.
About Bloomberg Index Services Limited
Bloomberg's index team boasts a robust history of delivering cutting-edge indices across multiple asset classes, focusing on innovation and adaptability to meet evolving market needs. By being part of the larger Bloomberg ecosystem, BISL benefits from access to a vast pool of reliable data and advanced technologies for calculations and workflows.
Conclusion
The collaboration between Bloomberg and CME Group exemplifies the growing necessity for robust and transparent FX benchmarks in today’s dynamic market environment. As BFIX continues to evolve, the integration of EBS Market's spot transactions marks a pivotal step forward in enhancing liquidity and market efficiency, reinforcing Bloomberg's leadership within the financial information space. For more details and real-time offerings related to BFIX, clients can access the Bloomberg Terminal at {BFIX}.