CME Group to Launch FX Tape+, a New Centralized FX Pricing Service

CME Group announced on Monday its plans to launch FX Tape+, a new centralized reference pricing service designed to provide a comprehensive view of foreign exchange (FX) market liquidity. The platform is expected to go live later this year.

FX Tape+ will aggregate firm price data from CME's existing central limit order books, including FX futures, EBS Market, FX Spot+, and FX Link. According to CME Group, this initiative aims to offer a more transparent and unbiased perspective on FX market conditions.

Paul Houston, Global Head of FX Products at CME Group, stated, "By bringing together price information from our network of 1,400 institutions and over 100,000 active FX market participants, CME Group is uniquely positioned to enhance transparency in the fragmented FX market."

The company emphasized that, unlike some existing industry benchmarks that rely on indicative or curated pricing, FX Tape+ will be based solely on actionable liquidity. Initially, the service will cover 10 major currencies and provide a composite 'true' spot mid-price derived from trade and order book data across CME's FX venues.

The new service will disseminate reference data every 250 milliseconds via a websocket API and also offer historical data files, intended to assist market participants in analyzing trade execution and managing costs.