CME FX in Good Start to 2025

As was the case with the other platforms to report FX volume data, CME Group also had a good start to 2025 thanks to volatile markets, with EBS in particular performing well.

Unlike the other venues, who reported historically high results for January, both CME’s FX futures and options and EBS hit recent highs, but off their records, largely set over 10 years ago. EBS had its busiest January since 2021, while FX futures and options volume was the highest since January 2018.

EBS average daily volume (ADV) was $66.5 billion, a 19.2% rise from December and up 20.9% from January 2024. This would have been the venue’s fourth highest ADV in 2024 and surpassed every month in 2023.

CME FX futures and options, meanwhile, recorded just over one million contracts per day in January, for a notional value of $83 billion. This is down 15% from the roll month that is December, but equally up 15% year-on-year.

Within this, CME says it saw significant increases in GBP (+30% to $10 billion ADV); CAD (+46% to $8 billion) and CHF )+28% to $4.1 billion. It also saw double-digit increases in CNH (+31% to $458 million per day) and ZAR (+55% to $145 million).

The Merc also says within this, FX options volumes were the highest since February 2020, with year-on-year ADV in notional terms rising 75%, thanks to strong growth in EUR (92%), CAD (+289%) and GBP (+77%).

Meanwhile, FX Link is also continuing to build volumes, ADV was $3.2 billon in January, below the 2024 average of $3.9 billion, but up 18.5% from December and +68.4% year-on-year.