CME Group FX

FX positioning at CME Group at record highs amidst low volatility. Current realized FX volatility is low, but the number of Large Open Interest Holders (i.e. the number of clients holding large positions) in FX futures continues to build to a record high of 1,355 unique participants, recorded in October 2025. CME Group's Chief Economist, Erik Norland, notes that whilst volatility in a currency pair like EUR/USD is in the bottom decile of volatility since its inception "some market participants may be using the low volatility environment to position themselves in the markets and to hedge against the possibility of larger moves in exchange rates as macroeconomic conditions evolve." Your Move: Leverage the capital efficiency of our FX futures & options to manage risk and hedge your book at a potentially lower cost. Contact the FX team to find out more. http://spr.ly/60427Ub6g

99% is more than just a stat. It signals where you'll find the deepest liquidity, enabling efficient execution. Connect with our FX team to discuss how to access our market. http://spr.ly/60417mcUh

EBS Market, the primary market for Japanese Yen spot, has seen sustained USD/JPY buying over the last month, culminating in the currency pair reaching levels not seen since January. The overnight high was 157.78. Chart: USD/JPY spot price action on EBS Market, last 31 days.

GBP/USD options are pricing in extra volatility in advance of next week's closely watched UK Budget. The at-the-money volatility for options expiring on Nov 26 (WGX5) is 8.2, compared to 6.85 for those expiring a day earlier (TG4X5). Similarly, the 25 delta risk reversal is 0.82 favoring GBP puts, compared to 0.63 for the prior day. http://spr.ly/60447579I

CME Group is proud to be named Best Exchange for FX at the FX Markets e-FX Awards 2025. Our FX futures and options volumes continue to show significant strength, now exceeding most OTC FX venues and including 98.4% of all EUR/USD FX futures traded globally*. This growth is also reflected in open positioning, which hit record highs in 2025, driven by the market's demand for transparent price discovery, deep liquidity, and the significant margin and operational efficiencies of clearing. A huge thanks to our clients for their continued trust and partnership. *Source: Futures Industry Association (FIA)

CME Group’s EBS Market has been named Best Venue for NDFs at the FX Markets e-FX Awards 2025. EBS Market’s MTF venue for NDFs, regarded as the primary market for emerging market currency pairs, provided reliable, firm liquidity amidst market volatility in 2025 which saw record-breaking volumes in INR and TWD. As the largest venue globally for 1-month NDFs, EBS Market saw a peak single-day volume of $17bn in 2025, facilitating transparent price discovery and the certainty of risk transfer in emerging markets. Thanks to our clients for their continued trust and partnership.

Precious metals trading reached record highs in futures and options at CME Group in October. EBS provides a market-leading solution for the trading of OTC spot Gold, Silver, Platinum and Palladium. - October was an all-time record month for OTC spot metals on EBS, with volumes in 2025 up 58% (versus 2024). - We saw the three highest EBS Metals volume days ever in October, including record days for both spot gold (XAU on Oct 17) and silver (XAG on Oct 9). - Total combined volume across the EBS Direct and EBS Market platforms peaked at a record $6.9 billion on October 17. This high was largely driven by Gold (XAU), which also set a new monthly ADV record on EBS during October.

We're thrilled to share that China Citic Bank, Beijing, is the first pioneering participant from China to successfully onboard to EBS Market to gain access to the international USD/CNH spot market. EBS is the primary venue for both spot and APAC NDFs, providing centralized, transparent and firm liquidity for participants around the world. This is a significant milestone, showcasing our commitment to expanding global trading opportunities. Welcome, China Citic Beijing!

We are thrilled to have been awarded 'Best New FX Initiative' for our FX Spot+ marketplace at The Full FX's inaugural awards ceremony in London 🏆! In just six months since launch, we've seen strong client adoption and growing volume 📈. FX Spot+ is set to transform the FX market by bridging OTC spot FX and CME FX futures markets, and we're excited about its growth ahead!

Great to be back at The Full FX London conference yesterday! Paul Houston, Global Head of FX Products at CME Group, joined Colin Lambert for The P&L Interview. Six months on from the launch of FX Spot+, they discussed emerging trends and the roadmap for 2026. They also covered the impact of recent EBS enhancements on trading volumes, the growth of FX options in 2025 and the impending launch of FX Tape+. #FullFXLondon #FX