Mixed FX Volumes at CME
Posted by Colin Lambert. Last updated: July 3, 2025
As was the case elsewhere, activity in CME Group’s FX products presented a mixed picture in June, but remained at healthy levels.
Average daily volume (ADV) across the EBS platforms was $64 billion per day in spot and NDFs, down 4.5% from May to the lowest level thus far in what has been a busy year. Compared to 2024, ADV is up 11.1% at EBS.
FX futures and options volume benefitted from the traditional quarter-end bounce to hit $104 billion in notional terms, significantly up on May but down 12.2% year-on-year. CME says it saw strong open interest in euro, yen, the Scandies and Brazilian real, with a new OI record of one million contracts on 17 June in EUR/USD, as well as an all-time positioning record in the pair from asset managers at $92 billion on 24 June.
Options of FX futures activity remained strong in EUR (+13%), CAD (+92%) and AUD (+22%), although no actual notional volumes were reported.
The lower activity was the result of quieter markets, something confirmed by CME’s G5 CVOL Index, which averaged 8.9 in June, down 7% on the year-to-date average, and down from 9.6 in May.
Activity on CME FX Link, its basis platform, was $3.65 billion in June, up 25.9% from May, but down 30.5% year-on-year.
