International derivatives market CME Group announced today that foreign exchange futures reached an all-time record 3.26 million daily volume contracts (equivalent to $314 billion notional) on June 12. March 8, 2023.
Additionally, FX Link, CME Group’s anonymous spot-futures trading tool reached a record one-day volume of 113,662 contracts ($10.5 billion) on June 12, representing a 37% increase over the previous record of 82,900 contracts (notional $7.2 billion), set for June 16, 2022. Year-over-year, FX Link volumes grew over 52% compared to the same period in 2023.
“Achieving two all-time volume records on June 12 is a major milestone for CME FX Group products and is testament to the continued growth we’ve seen across client segments, currency pairs and overall liquidity over many months,” said Paul Houston. Global Head of FX Products, CME Group. “FX Link will play a critical role in our new CME FX Spot+ market as we prepare for client trials in the second half of 2024. Improved liquidity, tighter spreads and increased client engagement build an even stronger foundation for delivering value to participants market the future.”
FX Link provides a transparent central limit order book on CME Globex for trading spreads between OTC FX futures and CME Group FX, seamlessly connecting the two markets. Today, there are nine major FX prime brokers live, with credit lines with major FX banking entities, along with embedded post-trade messages provided by Traiana, RTN and IHS Markit.