CME FX Link: One CME Globex Spread, Connecting Two FX Markets

Celebrating One Year on March 25
We've created a seamless connection between our FX futures and the OTC FX marketplace – so you can use one CME Globex spread to more easily access the efficiencies of FX futures and better manage your FX exposures.

Everything You Need to Know About FX Link: The documents and latest video

Volume Tracker
Stay up-to-date on volume, updated daily.

Overview Guide
Read all about it, get connected and onboarded. 

Quotation Guide
Understand quotation and trade pricing. 

CME Globex Impacts
Understand the functionality.

CME Globex 101
Understand CME Globex in less than 10 minutes.

Launch Announcement
Read about the market reaction.

    Trading, Simplified

    Simultaneously execute FX futures and OTC spot FX differential as an electronic spread on CME Globex.

    OTC FX Network, Utilized

    A central FX Prime Broker will intermediate spot FX transactions resulting from the spread, so you can efficiently leverage established OTC FX Prime Brokerage and interbank networks for credit and documentation.

    Exposures, Optimized

    More efficiently manage your credit lines across FX futures and OTC FX when you add CME FX futures as part of your FX trading strategy.

    The Profit&Loss Perspective

    Colin Lambert of Profit&Loss Describes what the Launch of FX Link could mean to the FX industry

    “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.”

    CME FX Link Awards

    Spread Functionality Specifications

    Eligible Currencies

    AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/CAD*, USD/CHF*, USD/JPY*, and USD/MXN*

    *CCY pairs quoted inversely to futures.

    Basis Spread Quotation

    Quoted and traded as the difference between futures and spot as represented with both legs in OTC price convention

    Basis Spread Construction

    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

    Minimum Order Quantity

    AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, and USD/JPY = 5 spreads; USD/MXN = 15 spreads

    Trading Venue/Hours

    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).

    Spread Listing Schedule

    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 Futures.

    Currency Pair

    AUD/USD

    EUR/USD

    GBP/USD

    NZD/USD

    USD/CAD

    USD/CHF

    USD/JPY

    USD/MXN

    Spread Minimum Price Increment

    0.00001

    0.00001

    0.00001

    0.00001

    0.00001

    0.00001

    0.001

    0.0005

    Spread Notional (per leg)

    100,000 AUD 125,000 EUR 62,500 GBP 100,000 NZD 100,000 CAD 125,000 CHF 12,500,000 JPY 500,000 MXN

    Spot Leg Specifications

    Currency Pairing

    Value Date

    Minimum Price Increment*

    Spot Notional Per One Spread**

    AUD/USD

    T+2

    0.00001 (0.1 pip)

    100,000 AUD

    EUR/USD

    T+2

    0.00001 (0.1 pip)

    125,000 EUR

    GBP/USD

    T+2

    0.00001 (0.1 pip)

    62,500 GBP

    NZD/USD

    T+2

    0.00001 (0.1 pip)

    100,000 NZD

    USD/CAD

    T+1

    0.000001 (0.01 pip)

    100,000 CAD

    USD/CHF

    T+2

    0.000001 (0.01 pip)

    125,000 CHF

    USD/JPY

    T+2

    0.0001 (0.01 pip)

    12,500,000 JPY

    USD/MXN

    T+2

    0.00001 (0.1 pip)

    500,000 MXN

    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.

    Futures Leg Specifications***

    Product Code

    Contract Size

    Futures Quotation

    Tick

    6A

    100,000 AUD

    USD per AUD

    0.0001 (10.00 USD)

    6E

    125,000 EUR

    USD per EUR

    0.00005 (6.25 USD)

    6B

    62,500 GBP

    USD per GBP

    0.0001 (6.25 USD)

    6N

    100,000 NZD

    USD per NZD

    0.0001 (10.00 USD)

    6C

    100,000 CAD

    USD per CAD

    0.00005 (5.00 USD)

    6S

    125,000 CHF

    USD per CHF

    0.0001 (12.50 USD)

    6J

    12,500,000 JPY

    USD per JPY

    0.0000005 (6.25 USD)

    6M

    500,000 MXN

    USD per MXN

    0.00001 (5.00 USD)

    Cleared via CME Clearing

    *** Full product specifications for existing CME FX futures contracts are available on www.cmegroup.com/fx and in CME’s Rulebook.

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