CME FX Hits New Record
CME Group has hit a new single-day volume record for its FX futures – 2.7 million contracts were recorded on Dec. 11, 2019, which surpasses the previous record of 2.5 million contracts set on June 14, 2017.
Open interest (OI) for CME Group FX futures also reached a record 2.3 million contracts on Dec. 11, 2019, up from the previous OI record of 2.2 million contracts set on Dec. 10, 2019.
OI represents the number of active positions that market participants are holding open without taking delivery or offsetting, a measure that typically increases during times of market uncertainty.
"Customers are increasingly accessing the deep liquidity, as well as capital and cost efficiencies, offered by our listed FX products to manage their FX exposure," said Paul Houston, CME Group Global Head of FX. "Record open interest, combined with our recent reductions in minimum price increments for calendar spreads in euro, yen and pound pairs, has continued to strengthen liquidity and reduce the cost to trade during this year-end roll period."
Large open interest holders (LOIHs) in FX futures reached a record high of 1,261, up 18 percent to date in 2019 compared to the previous year. LOIHs are a measure of market diversification.