SGX FX Connects to CME’s Spot+, EBS Market
Posted by Colin Lambert. Last updated: February 11, 2026
SGX FX has announced that it will combine its liquidity and buy-side client base with CME Group’s EBS Market and recently launched FX Spot+ platform “to meet growing demand for more connected, efficient and interoperable execution”.
The integrated workflow will be delivered via the BidFX and MaxxTrader platforms, clients on both venues will gain mutual streamlined access and liquidity from SGX FX, EBS Market, FX Spot+ and EBS NDFs, as well as spot precious metals.
For SGX FX clients, the firm says the integration deepens liquidity choice and execution optionality across key FX products, supported by firm, primary pricing and modern execution interfaces. Likewise, the connectivity provides CME Group market participants with expanded distribution into SGX FX’s buy-side community, leveraging established workflows and connectivity to access incremental liquidity and flow.
They also say the integration lays the groundwork for future connectivity between SGX FX and CME Group, enabling the exploration of additional collaboration in response to evolving client needs. Both organisations will coordinate on client engagement and market outreach to accelerate adoption and drive incremental volume across SGX FX and CME Group venues, they state.
“This partnership reflects the growing demand from our clients for greater connectivity across leading FX venues,” explains Jean-Philippe Malé, CEO, SGX FX. “By linking SGX FX’s global liquidity and buy-side network with EBS’s primary markets, we are expanding choice, improving execution outcomes and reinforcing our role as a core hub in the global FX ecosystem.”
Paul Houston, global head of FX, CME Group, adds, “Integrating with SGX FX allows us to extend the reach of EBS liquidity and Spot+ into a highly active global client base. Aligning our FX spot, NDF and spot precious metals markets with SGX FX’s workflows supports more efficient execution and strengthens the connectivity between major FX liquidity pools – all for the benefit of our mutual customers.”
The Full FX View
It should probably be stressed that this is very much a business arrangement between a unit of Singapore Exchange and CME, rather than between the two parent groups, however there has been a history of collaboration between the former and the latter’s EBS platform. Some 10 years ago, SGX and EBS – then owned by Icap – partnered on Asian FX futures and SGX blocks on EBS Market.
It is interesting however, that the two firms stressed their willingness to connect further going forward, clearly both see an opportunity and this could perhaps be one of those instances where two parties’ needs align nicely. For SGX FX, it is another channel for their clients, one involving firm liquidity, for CME, I suspect this is more about getting Spot+ liquidity in front of as many eyes as possible as it approaches its one-year anniversary.
It will be difficult to ascertain, but one thing worth watching from this agreement is the attitude of the major LPs. Effectively, SGX FX is adding EBS Market and Spot+, two CLOBs, to their aggregation offerings and that is something that has not gone down well with LPs in the past. To a degree they have solved the problem of multi-hits, it’s now more a question of where they want to see the client, and can they still retain some margin? Historically, major LPs have preferred to be aggregated with their peers, and not too many of them, rather than with multi-dealer, or all-to-all, venues.
Has that attitude changed? Time will tell, but all it will need is a short pattern of adverse outcomes for the LPs for them to reconsider what stream they push down certain channels. More pertinently, the first sign that some of the more aggressive non-bank market makers are muddying the pool will bring questions pouring in.
This is a move that makes sense, but is by no means guaranteed success.
