FX Link
The only cleared, capital-efficient pool of firm liquidity for spot-starting FX swap alternatives that seamlessly connects the OTC spot market and FX futures.
Trade spreads on a transparent CLOB
Get firm pricing in the first-ever central limit order book for trading spreads between OTC spot FX and FX futures.
Add the capital efficiency of futures
Easily access the capital efficiencies of cleared futures using an anonymous, automated connection to OTC spot FX.
View and trade via multiple platforms
Execution is supported on Bloomberg, TT, Fidessa and CME Direct, with market data available through Refinitiv and TT.
Use existing OTC workflows to manage FX exposure
FX Link is traded on CME Globex as the differential between FX futures and OTC spot FX, with the simultaneous execution of a FX futures contract and an OTC spot FX transaction via a single spread trade. A central prime broker (PB) intermediates the OTC spot FX transactions resulting from the spread, using existing OTC FX credit relationships, and supporting trading anonymity.
Nine major FX PBs are live, with credit lines in place with major bank FX house entities. Traiana, RTN and IHS Markit provide integrated post-trade messaging.
Quick links
Eligible Currency Pairs
EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY*, USD/CAD*, USD/CHF*, USD/MXN*, USD/ZAR*, USD/CNH
*CCY pairs quoted inversely to futures.
How to enhance trading versatility with FX Link
Learn about the mechanics FX Link uses to facilitate a spread trade between OTC spot FX and FX futures.
Understanding how FX Link works
Learn about the functionality of the spread trade between OTC spot FX market and FX futures:
Trading Tool
FX Swap Rate Monitor
Gain greater transparency to the FX Swap market and observe credit agnostic, centrally cleared FX Swap rate pricing – calculated using FX Link and FX futures central limit order books.
View codes for accessing FX Link on various platforms
Bloomberg supports market data and trade execution for FX Link. Features include:
- Integration with Bloomberg Tradebook for seamless order submission.
- Ability to view and execute FX swaps in G5 currency pairs using FX Link’s firm liquidity pool.
- Support for non-native order types, enabling customers to use algos and icebergs for increased trading efficiencies.
- Post-trade messaging leverages existing OTC workflows, for operational convenience.
Bloomberg Security Identifier Construction: “LK” + <Currency Pair> + <CME Expiry Month Code> + <Expiry Year (YY)>
|
EXAMPLES: sep 2021 EXPIRY |
Examples: dec 2021 expiry |
|---|---|
|
LKEURU21 |
LKEURZ21 |
|
LKJPYU21 |
LKJPYZ21 |
|
LKGBPU21 |
LKGBPZ21 |
|
LKAUDU21 |
LKAUDZ21 |
|
LKCADU21 |
LKCADZ21 |
Watch the market in real time on Refinitiv using the codes provided. For assistance with Refinitiv data, contact their support team.
| EXAMPLE RICS: |
CHAINS |
|
|---|---|---|
|
Spot RICs: |
0#UROXF-EURUSD: 0#BPXF-GBPUSD: 0#ADXF-AUDUSD: 0#JYYF-UDFJPY: |
0#CDYF-USDCAD: 0#SFYF-USDCHF: 0#NEXF-NZDUSD: 0#MPYF-USDMXN |
|
Spreads FX LINK RICs: |
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TT supports viewing and execution of FX Link spreads, including CME Group FX futures and the following currency pairs:
AUDUSD
EURUSD
GBPUSD
NZDUSD
USDCAD
USDCHF
USDJPY
USDMXN
USDZAR
Contact an FX team expert
Connect to a member of the FX team for a demonstration of FX Link and how you can use it to achieve business goals.
