EBS, CME, See Volume Surge in November

Volatility and in particular the US election, has seen CME Group report a strong month in FX volume for both its EBS business and its FX futures and options product sets, with the former seeing its second busiest month since September 2022.

Average daily volume on EBS was $71 billion per day, this was helped by the surge in activity around the US election, which saw the platform, including a record high for CNH trading. At 22.4%, the increase from October is higher than that reported by other platforms earlier this week, year-to-date, EBS volume, across all its platforms is up 26.6%.

CME’s FX futures and options suite, meanwhile, saw average daily volume of $85 billion in November, 17.7% higher than October and up 3.7% year-on-year. It saw a significant increase in EUR and CAD futures at 19% year-on-year ($34 billion and $6.6 billion respectively), this was also reflected in increased EUR volumes in options on futures, up by 74% year-on-year and Cable (+82%).

FX Link ADV was $3.9 billion per day, pretty much the venue’s 2024 average, this is down 21.5% from October, but is up 119.1% year-on-year.

The CME Group Volatility Index (CVOL) shows that the combined G5 CVOL index averaged 8.5 in November 2024, with year-to-date implied volatility in 2024 still trending down 13% compared to 2023.