CME Group’s EBS Spot FX ADNV Rises 12% YoY to $64.5 Billion in July

The average daily notional value (ADNV) of spot forex traded on the Chicago Mercantile Exchange (CME) Group’s Electronic Broking Services (EBS) rose 12% year-over-year (YoY) to $64.5 billion in July.

This is contained in the July 2022 market statistics released by CME Group on Tuesday.

The EBS is CME Group’s wholesale electronic trading platform for forex trading with market-making banks.

EBS’ spot forex ADNV jumped 7% YoY to $65.4 billion in June.

So, on a month-on-month (MoM) basis, EBS spot forex's July ADNV posting is a -1.4% drop from June’s volume.

Meanwhile, CME Group’s data shows that the leading derivatives marketplace recorded a forex average daily volume (ADV) of 959,000 contracts in July.

The group said its forex ADV increased 30% in July, with the E-mini Euro FX futures ADV surging by 81%.

CME FX Link

According to data shared with Finance Magnates, total forex volumes on CME FX Link, a spot forex service at CME Globex, jumped 46% YoY in July 2022.

The ADV jumped a higher 75% year-to-date when compared to the same period in 2021.

In June, the CME FX Link volumes jumped 145% YoY.

CME Globex is CME Group’s electronic trading system that provides an array of tradable futures and options across all asset classes.

FX Futures & Options

According to CME Group, its total FX Futures' ADV in contract terms shot up by 32% with the Japanese Yen recording the highest increase at 60%.

Others followed in this order: Euro (43%), Swiss Franc (23%), Australian Dollar (21%), Mexican Peso (20%), Canadian Dollar (17%) and Great British Pound (14%).

On the other hand, total FX Options increased by 9% with the Japanese Yen, again, leading as it went up by 37%. Euro followed at 20% and Swiss Franc at 10%.

Additionally, CME Group said CME Listed FX's ADV in contract terms climbed by 30% YoY in July.

CME Group explained: “Average open interest in CME Listed FX products was up 18% year-to-date versus the same period 2021.

“In July alone, average open interest in CME listed FX was up 6% versus July 2021. Volumes in Blocks and exchange for related positions (EFRPs) of CME listed FX futures and options contracts were up 106% year-to-date 2022 versus same period 2021.”

Meanwhile, across the board, CME Group recorded a 20% growth in its ADV for July 2022 with 20.4 million contracts.

In this regard, the group said it saw a 40% surge in its Equity Index ADV which was 'driven by micro and E-mini contracts'.

It added that it saw a record secured overnight financing rate (SOFR) Options and futures open interest on July 29.

‘Another Strong Month’

Commenting on the figures, Paul Houston, the Global Head of FX at CME Group noted that based on insight from the CME Group Volatility Index “FX volatility expectations remain at elevated levels.

“July was another strong month for Listed FX, building on positive momentum from a number of all-time records in June.

“Volume in both FX Futures and FX Options saw double-digit growth compared to this time last year, and our cleared solution for FX Swaps, FX Link, continues to gain significant adoption by the industry.”