CME, SGX Report December FX Data
Posted by Colin Lambert. Last updated: January 13, 2025
CME Group says its FX futures and options product suite saw average daily volume (ADV) of 1.132 million contracts in December, representing the customary roll-month bounce (of 33.2%), but also a slight decline of 2% from December 2023.
CME’s OTC FX platforms EBS, reports spot FX ADV of $55.8 billion, which is down 21.4% from November – which was the second busiest month for EBS since September 2022 – but up 6.1% year-on-year.
CME says total notional FX volume was $153 billion across listed and OTC, suggesting futures and options notional of just over $97 billion, which is right on the full year average. It saw record monthly volume in BRL at $556 million per day, and also saw healthy increases in ZAR (up 106% to $216 million), and SEK (+276% to $230 million per day).
CME’s FX Link closed the year out with ADV of $2.7 billion, a 30.8% drop from November, but up an impressive 68.75% year-on-year. The CME Group Volatility Index (CVOL) shows that the combined G5 CVOL index averaged 8.4 in December 2024, with year-to-date implied volatility in 2024 down 11% compared to 2023.
Meanwhile, Singapore Exchange closed out the year with total FX futures volume of 5.6 million contracts. This is down 8.4% from November, but up 39.6% year-on-year, and in ADV terms it is also down 8.4% from November, but up 33% year-on-year – it is also the second highest ADV for SGX in 2024.
SGX’ biggest FX contract, USD/CNH saw volume of 3.38 million, down 11.4% from November, but up 24% year-on-year, while the second busiest, INR/USD, saw 1.76 million contracts traded, up 4.4% from November and up 76% year-on-year.
SGX also reported that ADV in its OTC FX businesses for the whole of 2024, was $129.7 billion, a 41% rise from 2023. The OTC data is across all FX product groups, not just spot.