CME Group Sees Impressive Trading Numbers On FX Spot Trading Platform
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CME Group announced that its new FX Spot+ platform had an impressive performance, hitting $1.4 billion in trading volume in a single day. The platform has also attracted more than 40 active clients within its first month. Over 50% of those clients were banks that are entering the FX futures markets, according to the reports.
The new platform utilizes implied matching technology to offer an anonymous trading feature via the central limit order book. This gives access to over $100 billion FX futures liquidity presented in spot terms.
FX Spot+ Will Offer More Support To Clients
Global Head of FX Products at CME Group, Paul Houston, commented on the development. He stated that the introduction of the FX Spot+ has had a strong start. The first trading month has already exceeded expectations as it has received interest from global clients. These clients come with different trading strategies across a wide range of currency pairs offered on the platform.
He added that the team at CME is excited about the prospects of the platform, noting that the reception of the platform by these players has been excellent.
Houston says the team is looking forward to offering more support to many clients, assisting them to effectively execute their first trades. He stated that the goal is to enhance trading opportunities while growing the ecosystem and helping clients achieve their trading goals.
The new platform offers a unique way clients can trade FX without exposing themselves to much risk. Banks that generally shy away from traditional spot FX markets are now showing increased interests and reassessing their strategies in the market.
The New Platform Appeals To Both Futures Participants And OTC Traders
Commerzbank’s Head of eFX and Spot Trading Europe, Michael Driscoll, also commented on the development. He noted that the new platform will enable the bank’s spot orders to reach a wider audience through the implied pricing model. This will create new opportunities for trade execution.
With strong institutional interest and a promising start, Driscoll says FX Spot+ has been positioned to offer more benefits to the FX trading ecosystem.
CME Group says it has found a solution that appeals to both futures participants seeking to diversify their order flow and OTC traders looking for deeper liquidity.As trading firms and banks are looking to reduce risk exposure while consolidating liquidity access, CME believes the new platform will provide full access to the CME FX futures.
