CME, EBS, Also See FX Volume Surge

CME Group’s FX business had a very strong September, with the Merc’s FX futures and options business reporting its fourth highest average daily volume since September 2014.

While its OTC FX business, EBS, also saw a surge in activity – at $72 billion per day it was up 25.7% from August and up 23.7% year-on-year, as well as the third busiest month of the year – ADV in FX futures and options was $127 billion, the second highest this year, beaten only by March.

Thanks to a combination of increased volatility and quarter end, activity more than doubled from August, and was up 25.7% year-on-year. Total FX futures and options volume hit a new peak at 3.3 million contracts on 9 September – 3.2 million of which was futures, also a new record.

CME says it saw a new monthly record for ADV in JPY at $25 billion (+55% year-on-year), this included a new daily record on 8 September at 824,000 contracts, around $66.6 billion. It also saw notable increases in AUD (+32% to $9.6 billion), CAD (+41% to $9 billion) and CHF +42% to $7.7 billion). In EM, MXN also did well, rising an impressive 113% to $3.7 billion.

There was a record day for FX futures and options Open Interest on 4 September at 4.4 million contracts, a record month at 4 million contracts and quarter at 3.8 million contracts. Within this, FX futures OI had a record on 15 September at 3.5 million contracts, as well as a record month (3.2 million) and quarter (2.9 million).

CME’s FX Link also hit a new peak in the month at $7.7 billion – this is more than double August and up a massive 92.5% year-on-year. It is also more than 21% up on the previous peak in March 2026.

The CME Group Volatility Index also popped higher in August, the G5 CVOL averaged 6.2 in September, up from 5.8 in August, but it still sits close to historical lows.