CME Group to Launch FX Spot+

CME Group has unveiled plans to launch a new all-to-all spot FX market in 2024 – named FX Spot+, the new market will connect cash market participants with FX futures liquidity.

The offering is expected to be made available for client testing during the second half of 2024 and will see, for the first time, spot FX participants able to access CME FX futures liquidity in OTC spot terms within a central limit order book environment. FX futures market users, meanwhile, will see expanded access to OTC FX liquidity.

CME FX Spot+ leverages FX Link, a liquid and tradable spread between OTC spot FX and CME Group’s FX futures, to connect liquidity between the two trading environments. The new offering will be accessible via the CME Globex network, including via existing EBS Market Globex connectivity which will provide the global EBS spot FX customer base with seamless access to this unique and complementary new liquidity pool.

“Alongside our FX futures and our EBS offerings, this new spot FX marketplace – and its unique connection with our FX futures liquidity – is the latest example of how having futures and spot markets at CME Group can support accessible, centralised liquidity within the highly fragmented FX market,” says Paul Houston, global head of FX products, CME Group. “CME FX Spot+ will increase access, transparency and trading opportunities across spot FX and FX futures markets, which will benefit market participants across both venues.”