Create a m Account: More features, more insights
CME FX Link is the first ever anonymous, automated connection between CME FX Futures and the OTC FX Marketplace, enabling participants across the industry to better manage their FX exposures, and more easily access the capital efficiencies of FX futures.
CME FX Link provides a central limit order book on CME Globex for trading spreads between OTC FX Spot and CME FX futures, seamlessly connecting the two markets. Today, there are eight major FX PBs live, with credit lines in place with major bank FX house entities.
Scope includes spreads between OTC Spot FX and the front two serial and quarterly expiries in:
EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, USD/CAD, USD/CHF & USD/MXN.
Read about the Risk Award: 2019 Exchange Innovation of the Year
Read about the FX Week Award: 2018 e-FX Initiative of the Year
On January 2, volume reached a single-day record of 42,068 contracts traded, with a notional of $4.1bn, a 2.6% increase on the previous volume record set September 18.
Since launch,4,502,777 contractshave been traded, equivalent to over$422,311 billion in notional, with eight currencies live and active.
Optimizing the Roll: Focus on G7 Calendar Spreads
Today could actually turn out to be a reasonably significant day for the FX industry. The reason I feel it may be significant is down to my long-standing belief that greater automation and efficiency in FX forwards and swaps is the key to long term growth in the broader FX industry, and there is a chance that FX Link may help deliver the regulatory and capital efficiency to help drive that, in an automated environment.
Over the course of our first year, FX Link has been used in multiple ways, to manage various FX swap, forward and basis trading needs.
AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/CAD*, USD/CHF*, USD/JPY*, and USD/MXN*
Quoted and traded as the difference between futures and spot as represented with both legs in OTC price convention
The buyer of the spread buys CME FX futures and sells OTC Spot FX, while the seller sells CME FX futures and buys OTC Spot FX.
For FX futures currency pairs that are quoted inverse to OTC FX convention*, the buyer of the spread sells FX futures and sells OTC FX spot and vice versa for a seller of spreads in the above listed pairs.
*Inverse Pairs: JPY/USD, CAD/USD, MXN/USD, CHF/USD
AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, and USD/JPY = 5 spreads; USD/MXN = 15 spreads
CME Globex: Sunday Friday, 5:00 p.m. – 4:00 p.m. Chicago Time (CT), with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT).
Spreads vs. front three FX futures expiration months. New spreads added 10 business days prior to the last trade date of an expiring CME FX Future.
Settled Bilaterally via physical delivery on value date
* The minimum price increment (MPI) of a spot FX transaction is separate and distinct from and is not necessarily a reflection of the MPI of a spot FX basis trade, which the Exchange shall determine.
** The spot notional per one spread for the USD/CAD, USD/CHF, USD/JPY, and USD/MXN currency pairings shall be defined in terms of the quote, or term, currency of each pairing rather than the base currency since the CME pricing and notional convention for related CME FX futures contracts is inverted from the over-the-counter (OTC) convention.
*** Full product specifications for existing CME FX futures contracts are available on and in CMEs Rulebook.
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Today, CME FX Link is available to trade on CME Direct or through an API directly into your own proprietary platform. Market Data is available through Refinitiv.
Get ready to start using CME FX Link with our Onboarding Guide. The guide provides instructions for trading firms, direct participants, prime brokers and account managers.
Trade and follow market data in real-time on CME Direct, our fast, secure and highly-configurable trading front-end. Strategies, analytics, integrated workflow, real-time excel, chat and mobile. Become a CME Direct user and get access to FX Link on the go with CME Direct Mobile, a full-feature trading system that provides seamless connectivity between CME Direct and your mobile device.
Strategies, analytics, integrated workflow, real-time excel, chat and mobile built on Globex, ready for FX Link.
Become a CME Direct user and get access to FX Link on the go with CME Direct Mobile, a full-feature trading system that provides seamless connectivity between CME Direct and your mobile device.
Two Simple Steps To Enable FX Link on CME Direct
ContactGlobalAco enable the FX Link market permission for your trading firm
Ask your FCM to permission the FX Link Market or Spot FX products to your trading firms accounts
Add the preconfigured trading grid by following these simple steps:
Right click on the button and save the .xml file to your computer
Import the grid into CME Direct with the Import View option in the main menu
Simply complete the onlineFirm & User Registration Formor contact our team to get started.
Simply leave a message with the Bloomberg Customer Support number most convenient to you and log your interest in trading on their platform.
And for those who use Bloomberg and are looking for support, please follow these instructions:
The green Help key on the Bloomberg Terminal® keyboard connects you with fast answers and 24-hour comprehensive support, so you can find, interpret, and act upon the information and analysis you need.
To start a chat with Bloombergs live 24-hour Help Desk, press the Help key twice.
If you already use Refinitiv for your latest Market Data and require assistance, simply
CME Group is the worlds leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs).
Further information on each exchanges rules and product listings can be found by clicking on the links toCMECBOTNYMEXandCOMEX.