CME Hits FX OI Record as Volumes Drop

After suffering, alongside other FX platforms, a drop in activity in August, CME Group started September on a strong note with a new Open Interest (OI) record for its FX futures and options contracts.

Notional average daily volume (ADV) in CME’s FX futures and options suite was $63.2 billion in August, down 11% on July, but up 9% year-on-year. Although an annual rise, this is actually the fifth lowest ADV reported by CME since April 2009. CME’s OTC FX venue, EBS, saw ADV of $57.3 billion in August across spot, metals and NDFs, this is down 18% from July, but up 3.4% year-on-year.

There were year-on-year increases in CME FX futures ADV in AUD (+24% to $5.1 billion), CAD (+34% to $4.8 billion), CHF (+27% to $3.7 billion), MXN (+17% to $1.3 billion, and BRL (+37% to $800 million). CME says FX options volumes were up 5% year-on-year, but does not provide an actual volume number. FX Link ADV was $3.7 billion in August, down 29% from July, but up 60.9% year-on-year, and the G5 CVOL Index averaged 5.8, down from 5.9 in July and well done from August 2025’s 8.03.

Meanwhile, the start of September brought some good news for CME is a new record for FX OI at 4,410,167. This beats the previous high, set on 11 June 2026, by 3.2%, and follows CFTC data showing asset manager OI exceeded $200 billion for the first time towards the end of August.

“The record participation we’re seeing underscores growing buy-side demand for the capital efficiencies, transparency and central clearing that futures provide,” observes Paul Houston, global head of FX products at CME Group.