CME Group, the world’s leading derivatives marketplace, announced that FX Spot+ reached a single-day volume of over $1.4 billion traded in spot and FX futures via implied matching technology on May 12, 2025. In the first month of trading, more than 40 clients have actively traded on the new marketplace, including 20 banks that had previously not interacted with the FX futures market.

A new, all-to-all spot FX marketplace, FX Spot+ connects cash market participants with the ecosystem and liquidity of the company’s FX futures market, enabling OTC spot traders to seamlessly interact with the futures market via an anonymous, transparent, central limit order book environment that operates totally in OTC spot terms.

“The launch of FX Spot+ has gotten off to a strong start, with the first month of trading seeing participation from a diverse set of global clients with different trading strategies and across the full range of currency pairs available on the platform,” said Paul Houston, Global Head of FX Products, CME Group. “We’re extremely pleased with the reception for this innovative new platform. We look forward to supporting more clients with their first trades, growing the ecosystem, and enhancing trading opportunities in the process.”

“The FX market continues to be hugely fragmented, which can pose challenges to sourcing liquidity across the different time zones – particularly in times of heightened market volatility,” said Luke Marriott, Head of eFICC, ANZ. “FX Spot+ is an excellent addition to our existing OTC market access as it augments the strong liquidity available on other primary CLOBs such as EBS Market by giving us access to the $100 billion+ a day traded in FX futures but in spot format, improving our ability to manage inherent FX risks and customer execution.”

“FX Spot+ provides spot trading desks with simple access to the FX futures market,” said Michael Driscoll, Head of eFX Spot Trading Europe, Commerzbank. “Through implied pricing in the futures market, FX Spot+ enables our spot orders to reach a wider audience offering opportunities for additional business.”

“CME FX Spot+ reshapes the spot FX trading ecosystem through futures-derived liquidity, effectively filling liquidity gaps in traditional spot markets during off-peak trading hours and mitigating liquidity drought risks under extreme market conditions,” said Jimmy Jim, Managing Executive Director & Head of Global Markets, ICBC Asia.

“Although the FX market already hosts a wide range of trading venues, we believe FX Spot+ stands out due to its innovative capability to bridge the spot and futures markets,” said Kevin Love, Global Co-Head of eFX Trading Products, RBC Capital Markets. “By democratizing access to the highly liquid FX futures market, they have created a truly centralized source of firm liquidity that is complementary to other venues.”

Source: FX