CME Group to Roll Out New Spot FX Marketplace FX Spot+

CME Group, the world's leading derivatives marketplace, announced on Wednesday (December 6th) the planned introduction of CME FX Spot+, a new all-to-all marketplace that connects cash market participants with the Group's FX futures liquidity. Scheduled for client testing in the latter half of 2024, this new offering aims to enhance trading opportunities in the spot foreign exchange market.

Upon the launch of the new marketplace, spot FX traders will have the opportunity to utilize CME FX futures liquidity in OTC spot terms, operating within a transparent, open, and central limit order book environment. Simultaneously, users of the FX futures market will experience expanded access to OTC FX liquidity. CME FX Spot+ facilitates this connectivity by leveraging FX Link, a tradable and liquid spread between OTC spot FX and CME Group's FX futures, ensuring seamless liquidity between the two trading environments.

Paul Houston, Global Head of FX Products at CME Group, stated: "Alongside our FX futures and our EBS offerings, this new spot FX marketplace - and its unique connection with our FX futures liquidity – is the latest example of how having futures and spot markets at CME Group can support accessible, centralized liquidity within the highly fragmented FX market. CME FX Spot+ will increase access, transparency and trading opportunities across spot FX and FX futures markets, which will benefit market participants across both venues."

According to the announcement from the company, the new offering will be available through the CME Globex network, including the existing EBS Market Globex connectivity. It will enable the global customer base of EBS spot FX to seamlessly access the new liquidity pool, which complements and enhances their existing trading options.

This August, CME Group merged its FX futures, options, cash and OTC FX businesses into one unit​, led by Paul Houston. "With the adoption of a more integrated FX business model that can better operate across futures, options, cash and OTC markets, we will significantly expand trading opportunities for our clients, while also delivering increased efficiencies and an enhanced ability to introduce new products in the dynamic FX marketplace," said the Group.

According to CME Group's third-quarter 2023 results​ released in October, its adjusted earnings per share rose to $2.06, marking nine consecutive quarters of growth. Total revenue generated for the period reached $1.338 billion, up 9% on a year-on-year basis.