MTS Cash: E-Bond Market (EBM)

Central limit order book for European Government Bonds

The E-Bond Market (EBM) operates as the order-driven central limit order book for European Government Bonds, providing unparalleled transparency with real-time, fully executable pricing. Catering to a wide audience of over 55 participants, including global banks, regional banks, and investment firms, EBM utilises cutting-edge technology by being hosted on the same trading platform with the same API and GUI as the MTS Cash Domestic Markets. Additionally, EBM offers a fully integrated and automated settlement network, linking to all major European depositories and central clearing houses.

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Access a diverse and highly liquid central limit order book

E-Bond Market (EBM)

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Community

  • Access to a highly liquid central limit order book market with a more diverse audience than the MTS Cash Domestic Markets
  • 55+ participants including global banks, regional banks, and investment firms

Integration and connectivity

  • Technically available immediately to every participant already connected to the MTS Cash Domestic Markets
  • Leased line or internet connectivity
  • Single MTS GUI front end software supports trading on both MTS Cash and MTS BondVision
  • Single integrated blotter
  • A range of post-trade STP solutions

Functionality

  • Flexible trading protocols built around a central limit order book
  • EBM order books hosted on the same trading platform as the MTS Cash Domestic Markets order books
  • Provide or take liquidity
  • Low latency trading supported by average roundtrip time of 250 microseconds
  • Ultra-low latency market data for EBM participants available via MTS Live

Coverage

  • Wide range of European Government Bonds and SSAs
  • Fixed coupons, floating coupons, zero coupons and index linked coupons

Clearing and settlement

  • Automatic submission of trades to the relevant clearing and/or settlement systems

Regulation

  • MTF supervised by CONSOB