CHICAGO and LONDON, June 18,
2024 /PRNewswire/ -- CME Group, the world's leading
derivatives marketplace, today announced its foreign exchange (FX)
futures reached an all-time single-day volume record of
3.26 million contracts (equivalent to $314B notional) on June
12. The previous record of 3.15 million
contracts ($296B
notional) was set on March 8,
2023.
In addition, FX Link, CME Group's anonymous, all-to-all
spot-futures spread trading tool reached a single-day volume record
of 113,662 contracts ($10.5B notional
) on June 12, which represents a 37%
increase over the previous record of 82,900 contracts ($7.2B notional), set on June 16, 2022. Year-to-date, FX Link volumes are
up over 52% versus the same period in 2023.
"Achieving two all-time volume records on June 12, is a significant milestone for CME Group
FX products and is testament to the continued growth that we have
seen in client segments, currency pairs and overall liquidity over
many months," said Paul Houston,
Global Head of FX Products, CME Group. "FX Link will play a crucial
role in our new CME FX Spot+ marketplace as we prepare for client
testing in the second half of 2024. The improved liquidity, tighter
spreads and increasing client participation builds an even stronger
foundation for delivering value to market participants in the
future."
"We are pleased to see the continued growth in CME Group FX
futures and FX Link as complementary sources of liquidity to the
OTC market and as mechanisms to help automate the trading of
products like FX swaps," said Shuo
Wu, Global Head of Forward eTrading, Deutsche Bank.
"Deutsche Bank is a major liquidity provider to this marketplace as
part of our market-leading portfolio of electronic trading
products."
"Record levels of listed FX volume are a clear indication of the
rapidly evolving interplay of OTC and cleared FX futures liquidity.
In particular, the use case of Exchange for Related Position
(EFRP) amongst institutional clients continues to resonate
across hedge funds and asset managers alike," said Richard Condon, Head of FX, Commodity and EM
Institutional Sales, North
America, BNP Paribas. "Participants point toward the
benefit of pairing the familiarity, breadth and relationship
pricing of bilateral OTC execution strategies with the power of a
centrally cleared instrument."
FX Link provides a transparent central limit order book on CME
Globex for trading spreads between OTC FX spot and CME Group FX
futures, seamlessly connecting the two markets. Today, there are
nine major FX prime brokers live, with credit lines in place with
major bank FX house entities, along with integrated post-trade
messaging provided by Traiana, RTN and IHS Markit.
FX Link spreads are listed with and subject to the rules of CME.
For more information on FX Link, please
visit www.cmegroup.com/trading/fx/fx-link.
For more information on CME Group FX products, go
to www.cmegroup.com/fx
As the world's leading derivatives marketplace, CME Group
(www.cmegroup.com) enables clients to trade futures, options, cash
and OTC markets, optimize portfolios, and analyze data – empowering
market participants worldwide to efficiently manage risk and
capture opportunities. CME Group exchanges offer the widest range
of global benchmark products across all major asset classes based
on interest rates, equity indexes, foreign exchange, energy,
agricultural products and metals. The company offers futures
and options on futures trading through the CME Globex platform,
fixed income trading via BrokerTec and foreign exchange trading on
the EBS platform. In addition, it operates one of the world's
leading central counterparty clearing providers, CME
Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and E-mini are trademarks of Chicago Mercantile Exchange
Inc. CBOT and Chicago Board
of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York
Mercantile Exchange and ClearPort are trademarks of New York
Mercantile Exchange, Inc. COMEX is a trademark of Commodity
Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC
and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a
product of S&P Dow Jones Indices LLC ("S&P DJI").
"S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are
trademarks of Standard & Poor's Financial Services LLC; Dow
Jones®, DJIA® and Dow Jones Industrial Average are service and/or
trademarks of Dow Jones Trademark Holdings LLC. These trademarks
have been licensed for use by Chicago Mercantile Exchange Inc.
Futures contracts based on the S&P 500 Index are not sponsored,
endorsed, marketed, or promoted by S&P DJI, and S&P DJI
makes no representation regarding the advisability of investing in
such products. All other trademarks are the property of their
respective owners.
CME-G
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SOURCE CME Group