CME Group kicked off 2025 with solid results in its foreign exchange (FX) markets, buoyed by volatility across global markets. EBS, in particular, posted impressive figures, marking a strong start for the year.
While most major venues reported historically high trading volumes for January, CME Group’s FX futures, options, and EBS saw strong performances, though they fell short of their all-time highs, many of which were set more than a decade ago. EBS recorded its busiest January since 2021, while CME’s FX futures and options volume was the highest since January 2018.
EBS’ average daily volume (ADV) reached $66.5 billion, reflecting a notable 19.2% increase from December and a 20.9% rise compared to January 2024. The ADV for EBS in January was the fourth-highest in 2024 and exceeded every month in 2023.
On the other hand, CME’s FX futures and options activity reached over one million contracts per day in January, with a notional value of $83 billion. This marks a 15% decline from December’s roll month but represents a 15% year-on-year increase.
CME reported significant growth in specific currency pairs, with notable increases in the British Pound (GBP) (+30% to $10 billion ADV), the Canadian Dollar (CAD) (+46% to $8 billion), and the Swiss Franc (CHF) (+28% to $4.1 billion). Additionally, the Chinese Yuan (CNH) and South African Rand (ZAR) saw double-digit increases, with CNH rising 31% to $458 million daily and ZAR climbing 55% to $145 million.
FX options volumes also surged, with CME noting the highest levels since February 2020. Year-on-year ADV in notional terms surged 75%, driven by exceptional growth in the Euro (EUR) (+92%), CAD (+289%), and GBP (+77%).
Furthermore, CME’s FX Link continues to gain traction, with an ADV of $3.2 billion in January. While this was below the 2024 average of $3.9 billion, it represents an 18.5% increase from December and a remarkable 68.4% rise compared to January 2024.
Overall, CME Group’s January performance reflects strong growth in FX trading, bolstered by increased volatility and growing interest in specific currency pairs and options markets.
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