This topic provides information on CME FX Spot Plus (CME FX Spot+) for futures markets.
In March 2025, CME Group will launch CME FX Spot+, a new tradable FX spot instrument, leveraging CME FX Link liquidity to bring together OTC spot FX and FX futures.
FX Spot+ uses FX Link and Globex implied functionality to connect liquidity across FX futures, FX Link, and FX Spot+. CME FX participants will be able to expand access to OTC spot liquidity within an open, transparent, central limit order book.
Contents
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Revision History
| Date | Description |
|---|---|
| October 31, 2024 | Updated note below Product: "The USD/South African Rand and USD/Offshore Chinese Renminbi FX Spot leg are only tradable as part of the CME FX Link spread." |
| October 30, 2024 | Added note "New Release customers will have the ability to test 3-deep implied book for FX Spot+ in February 2025. Currently, only 2-deep implied book is supported in New Release." Added note "With this launch, the non-tradable FX Spot leg (tag 1151-SecurityGroup=01, 10) will move from MDP 3.0 channel 314 to 330." Changed Security Group for 6E and 6C to 01. Updated Display Factor table with 3 additional rows at bottom. Added section New CME FX Spot+ MBO/MBP UDP Channel. |
| October 25, 2024 | Added FX Spot+ Product Code USDCNH. Added FX Spot+ Currency Pair USD/CNH. Added Futures Product Code 6Z and CNH. |
| October 9, 2024 | Modified descriptions for Tags 1795, 1802, 1800, 5542, and 5971. Added new table under CME Reference Data API Changes. Under Product Attributes, numbers changed for Min Order Cancel Threshold columns. |
| October 7, 2024 | Changed value Max Order Size for FX Spot+ Product Code NZDUSD from 5,000,000 to 3,000,000. |
| July 17, 2024 | Initial publication of topic. |
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Testing and Certification
For futures client systems to support trading FX Spot+ products:
- iLink 3 certification via AutoCert+ is not required. However, CME Group strongly recommends futures client systems to test FX Spot+ trading in notional quantity.
- MDP 3.0. certification is required. Client systems who want to trade the FX Spot+ product will need to complete the supplemental test suite.
- CSET will configure credit setup to enable testing.
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- Supported over existing CME network gateways and connectivity circuited access.
- FX Spot+ market data disseminated in notional terms.
- The market data info will follow futures-style market data except where noted in the MDP 3.0 Market Data section.
| Info |
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With this launch, the non-tradable FX Spot leg (tag 1151-SecurityGroup=01, 10) will move from MDP 3.0 channel 314 to 330. |
New CME FX Spot+ MBO/MBP UDP Channel
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| Tradable FX Spot+ Products | |
|---|---|
| Product Name | MDP 3.0: tag 55-Symbol |
| Euro / US Dollar Spot FX | EURUSDZ5031 |
| US Dollar / Canadian Dollar Spot FX | USDCADZ5031 |
| British Pound / US Dollar Spot FX | GBPUSDZ5031 |
| Australian Dollar / US Dollar Spot FX | AUDUSDZ5031 |
| US Dollar / Japanese Yen Spot FX | USDJPYZ5031 |
| US Dollar/Swiss Franc Spot FX | USDCHFZ5031 |
| New Zealand Dollar/US Dollar Spot FX | NZDUSDZ5031 |
| US Dollar / Mexican Peso Spot FX | USDMXNZ5031 |
| Info |
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The USD/South African Rand and USD/Offshore Chinese Renminbi FX Spot leg are only tradable as part of the CME FX Link spread. |
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| FX Spot+ Product Code | FX Spot+ Symbol | Contract Size | Inverted Link Spread | Min Order Size | Min Order Increment | Max Order Size | Min Order Cancel Threshold | Min Tick FX Spot+ Leg (FX Link to FX Link Fills) | Min Tick FX Spot+ Traded as Outright / Implied | Price Example Outright / Implied |
|---|---|---|---|---|---|---|---|---|---|---|
| EURUSD | EURUSDZ5031 | 1 EUR | No | 250,000 | 125,000 | 5,000,000 | 125,000 | 0.000005 | 0.00001 | 1.09481 |
| GBPUSD | GBPUSDZ5031 | 1 GBP | No | 250,000 | 62,500 | 5,000,000 | 62,500 | 0.00001 | 0.00001 | 1.37251 |
| AUDUSD | AUDUSDZ5031 | 1 AUD | No | 200,000 | 100,000 | 5,000,000 | 100,000 | 0.00001 | 0.00001 | 0.72161 |
| NZDUSD | NZDUSDZ5031 | 1 NZD | No | 200,000 | 100,000 | 3,000,000 | 100,000 | 0.00001 | 0.00001 | 0.68963 |
| USDCAD | USDCADZ5031 | 1 USD | Yes | 200,000 | 100,000 | 5,000,000 | 100,000 | 0.000001 | 0.00001 | 1.26551 |
| USDJPY | USDJPYZ5031 | 1 USD | Yes | 200,000 | 100,000 | 5,000,000 | 100,000 | 0.0001 | 0.001 | 109.688 |
| USDCHF | USDCHFZ5031 | 1 USD | Yes | 250,000 | 250,000 | 3,000,000 | 250,000 | 0.000001 | 0.00001 | 0.91237 |
| USDMXN | USDMXNZ5031 | 1 USD | Yes | 100,000 | 50,000 | 3,000,000 | 50,000 | 0.00001 | 0.0005 | 13.3919 |
| CME FX Spot Leg (non-tradable) | ||||||||||
| USDZAR | USDZARF5102 | 1 USD | Yes | 50,000 | 50,000 | 3,000,000 | 50,000 | 0.00001 | 0.0001 | 18.4445 |
| USDCNH | USDCNHF5102 | 1 USD | No | 100,000 | 100,000 | 3,000,000 | 100,000 | 0.00001 | 0.0001 | 7.1471 |
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With this launch, a new order cancel threshold notional value will be established and initially equal to the minimum order increment per each FX Spot+ instrument.
| Info |
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The minimum order cancel threshold could be different from the Minimum Order Increment. CME Group reserves the right to change the minimum order cancel threshold at any time. |
In the event of a partial fill with remaining quantity less than the auto-cancel threshold notional, CME Globex cancels the remainder. Upon cancellation, CME Globex sends an unsolicited Order Cancel Acknowledgment message (tag 35-MsgType=8, tag 39-OrdStatus=4) with tag 378-ExecRestatementReason=108 (Cancel due to resting order quantity less than minimum order size)
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| FX Spot+ Currency Pair | Inverted/Non-Inverted | Tag 15-Currency | Tag 120-Settle Currency |
|---|---|---|---|
| EUR/USD | Non-Inverted | EUR | USD |
| GBP/USD | Non-Inverted | GBP | USD |
| AUD/USD | Non-Inverted | AUD | USD |
| NZD/USD | Non-Inverted | NZD | USD |
| USD/JPY | Inverted | USD | JPY |
| USD/CAD | Inverted | USD | CAD |
| USD/CHF | Inverted | USD | CHF |
| USD/MXN | Inverted | USD | MXN |
| CME FX Spot Leg (non-tradable) | |||
| USD/ZAR | Inverted | USD | ZAR |
| USD/CNH | Non-inverted | USD | CNH |
| Info |
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Tag 15 and tag 120 values for U.S. Dollar/South African Rand Spot FX (non-tradable) will remain unchanged. |
Security Exchange
Tag 207-SecurityExchange value "GLBX" is sent for the FX Spot+ instruments in the MDP 3.0 Security Definition (35=d) message.
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The following fields are required for FX Spot+ orders:
- tag 1693-PartyDetailRole=24 (Customer Account)
- tag 582-CTI Code
- tag 1816-ClearingAccountType
- tag 1031-CustOrderHandlingInst
- tag 9537-Location
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MDP 3.0 Market Data
A new Simple Binary Encoding (SBE) incremental schema version 13 will be used on the new FX Spot+ market data channels. More information regarding the MDP 3.0 - futures and options V13 SBE schema updates are now available.
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