Key Insights
- CME Group to launch FX Spot+ in March 2025, connecting OTC spot FX and FX futures markets through CME FX Link.
- New instrument will be available for eight major currency pairs, offering access to both OTC and futures liquidity.
- Customer testing for FX Spot+ products to begin on November 11, 2024, in preparation for the 2025 launch.
CHICAGO (MarketsXplora) – CME Group, the world’s leading derivatives marketplace, announced on Thursday plans to launch CME FX Spot+, a groundbreaking tradable spot FX instrument set to debut in March 2025.
The new offering aims to bridge the gap between over-the-counter (OTC) spot FX and FX futures markets by leveraging the liquidity of CME FX Link, the exchange’s existing spread between OTC spot FX and FX futures.
CME FX Spot+ is designed to provide spot FX market participants with access to CME FX futures liquidity through an open and transparent central limit order book. Simultaneously, it will offer FX futures users broader access to OTC liquidity, creating a unique synergy between these traditionally separate markets.
The innovation lies in the use of implied matching through CME FX Link, which will facilitate this novel liquidity connection. CME FX Link has established itself as a liquid, tradable spread instrument, making it an ideal foundation for this new offering.
At launch, CME FX Spot+ will be available for eight major currency pairs: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, USD/CAD, USD/CHF, and USD/MXN. This selection covers a broad spectrum of the most actively traded global currencies, catering to a wide range of market participants.
In preparation for the March 2025 launch, CME Group has scheduled a testing phase for customers. All FX Spot+ products will be available in the New Release environment for customer testing starting Monday, November 11, 2024, providing market participants ample time to familiarize themselves with the new instrument and integrate it into their trading systems.