North America’s best FX exchange: CME Group

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CME Group has long been recognized as the largest centralized FX venue in North America, offering a market-leading range of FX products and client-centric services, while the group’s global footprint led to it recently being recognised by the Bank for International Settlements as the largest centralized FX venue in the world.

During the review period the company has further expanded its FX offering, deepened liquidity, enhanced transparency and broadened execution choices for its diverse client base, which includes top-tier global investment banks, hedge funds, asset managers, corporates and retail traders.

A key development during the review period was the deployment of CME Group’s implication technology for G5 FX futures calendar spreads. This move has boosted liquidity along the FX swaps curve and significantly increased top-of-book depth for G5 currency pairs. Additionally, in May 2024, CME Group launched margin offsets between FX futures and US Treasury futures, offering up to 60% offsets for select currencies. The introduction of BTIC (basis trade at index close) further enabled its North American clients to manage fixing risk by gaining exposure to the WMR 4pm London benchmark rate.

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