Take advantage of our liquid, anonymous, cost-efficient and centrally cleared electronic FX options marketplace. We offer $100 billion in daily overall FX market liquidity, with over $4 billion in option flows. A uniquely wide and diverse pool of participants. The largest regulated FX marketplace. And the second largest FX platform in the world.

FX Options: American and European Style Products
Our 32 FX options contracts offer you more choices – major or emerging-market currencies, premium- or volatility-based quoting, and American- or European-style expiration.

Over the past few years, CME Group has enhanced its FX options offering by adding European-style expirations and increasing market access by listing all of our most actively traded FX options on CME Globex. These changes have helped fuel growth in FX options volume with an average daily volume of over $4 billion.

View CME Group Options Notional Average Daily Volume (ADV) along with the Percentage of Trades Executed Electronically.

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The Combination of Choice and Flexibility
Choose Your Quoting Method
Two quoting conventions are available for FX options. Whether you prefer quoting in terms of premium or implied volatility, the underlying option contract is identical, making it easier than ever to compare options contract prices with OTC cash contracts.

• Premium – The price paid by the purchaser of an option to the grantor (seller).


• Implied volatility – An estimate of the future volatility of the underlying contract that can be input into a theoretical valuation model to solve for an option premium.

Choose Your Style
CME Group also offers two expiration styles. Having a choice of American- or European-style options provides you the ability to execute a larger variety of strategies based on your trading style.

• European-style options – Can only be exercised at maturity and are automatically exercised on expiration if in-the-money, based on a daily fix calculated and published by CME Group at 9:00 a.m. CT, 10:00 a.m. ET on the day of expiration.*


• American-style options – Can be exercised at the choice of the holder, on any day up until the day prior to expiration. On the day of expiration, these options are automatically exercised if in-the-money, based on a daily fix calculated and published by CME Group at 2:00 p.m. CT, 3:00 p.m. ET.*

* For information on the daily fix, please refer to www.cmegroup.com/currfixprice, to get the latest information on the procedure used to calculate the daily fix and www.cmegroup.com/fxfixing-price to get the most recently published daily fix values.

When you trade our FX options on CME Globex, you will benefit from:

• Access to a diverse and global customer base
• A 5 to 7 millisecond response time where trades are executed and instantly confirmed back to you no matter where you are in the world – significantly faster than competing electronic platforms
• The guarantee of CME Clearing, which ensures the soundness of your trades by virtually eliminating counterparty credit risk
• Flexibility, speed, transparency, and liquidity you need to get the highest possible return from your trading

 View a quick guide to FX options on CME Globex.