International Derivatives Market CME Group announced today that it will launch CME FX Spot+, a new, all-to-all spot foreign exchange market that will connect cash market participants with the firm’s liquidity of foreign exchange futures contracts.
The offering is expected to be available for customer testing in the second half of 2024.
For the first time, spot FX participants will be able to access CME FX futures to OTC spot liquidity in an open, transparent, centralized limit order book environment, while users of the FX futures market will have expanded access to OTC FX liquidity. CME FX Spot+ leverages FX Link, a liquid and tradable spread between OTC spot FX futures and CME Group, to bridge liquidity between the two trading environments.
The new offering will be accessible through the CME Globex network, including the existing EBS Market Globex connectivity, which will provide the global EBS spot FX client base seamless access to this unique and complementary new pool of liquidity.
“Alongside our FX futures and EBS offerings, this new FX market – and its unique relationship to FX futures liquidity – is the latest example of how futures and spot markets at CME Group can support accessible, centralized liquidity within the highly fragmented foreign exchange market,” said Paul Houston, Global Head of FX Products, CME Group. “CME FX Spot+ will increase access, transparency and trading opportunities in the spot FX and FX futures markets, which will benefit market participants in both spaces.”