By April 2023, CME Group had become the largest centralized FX venue globally, according to the Bank for International Settlements (BIS). BIS data shows that more volume is now traded in CME Group FX futures than on the two primary OTC spot markets combined. The group also recently realigned its FX futures, options and EBS cash markets business to create a single FX business, in a bid to further boost client service, increase efficiencies and enhance product development across the entire FX marketplace.
CME continues to expand its global offerings, deepening liquidity, enhancing transparency and broadening the choice of execution for its customers. The group now operates a diverse client ecosystem that includes the vast majority of top-tier global investment banks, non-bank market-making specialists, hedge funds, asset managers, corporates, and retail traders.
A significant development for CME Group was the launch of new margin offsets between FX futures and US Treasury futures, a client service that is unique to CME, with FX futures in EUR, JPY, GBP, AUD, CAD, CHF, and MXN now eligible for offsets of up to 60%, Additionally, the introduction of BTIC (Basis Trade at Index Close), a new FX futures order type, allows customers to gain exposure directly to the WMR 4pm London benchmark rate, helping them manage their fixing risk.
A