CME FX Link Volume Soars 193% Amid Surge in Currency Trading

CME Group reported a strong performance in October 2024, with foreign exchange (FX) trading volumes showing significant growth. The EBS Spot FX average daily volume (ADV) rose 15% year-over-year to $58.3 billion, while the FX Link platform saw a remarkable 193% increase in average daily volume, reaching 54,000 contracts—equivalent to about $5 billion in notional value.

Overall, CME’s FX segment achieved an average daily volume of 792,000 contracts in October. This contributed to CME Group's total ADV across all asset classes, which reached 24.3 million contracts. International trading also remained robust, with EMEA leading international ADV at 5.4 million contracts, followed by Asia at 1.5 million and Latin America at 135,000 contracts. In comparison, other major FX trading venues saw weaker performance; Japan’s Click 365 reported a 12% decline, while Cboe's ADV dropped from $46.9 billion to $42.8 billion.

“Our record Q3 international ADV was driven by significant increases across all asset classes in EMEA and APAC, demonstrating how our clients turned to the breadth of our products to navigate unpredictability and volatility,” stated Julie Winkler, Senior Managing Director and Chief Commercial Officer at CME Group.

Broader asset class growth and strong Q3 earnings

CME Group also saw record-breaking performances in other major asset classes. Interest rate trading reached a record October ADV of 12.5 million contracts, up 6% year-over-year, with the U.S. Treasury futures complex reporting an all-time high of 5.5 million contracts. Energy markets saw a 16% rise in average daily volume to a record 2.7 million contracts, with WTI Crude Oil options up 45% and Henry Hub Natural Gas futures increasing by 22%.

In the third quarter, CME Group’s revenue reached $1.3 billion, with operating income at $820 million. Net income rose to $807.8 million, or $2.25 per share, up 13.7% from the previous year. “CME Group delivered its ninth consecutive quarter of double-digit growth in adjusted earnings per share and an increase of 9% in revenue as market participants continued turning to our markets to mitigate their business risks amid accelerating geopolitical uncertainty,” said Terry Duffy, CME Group Chairman and CEO.