This topic provides information on CME FX Spot+ for EBS client systems connecting to CME Group API services on the CME Globex platform.
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+. EBS spot FX participants will be able to access CME FX futures liquidity in OTC spot terms within an open, transparent, central limit order book.
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Testing and Certification
For EBS client systems to support trading FX Spot+ products:
- iLink 3 certification via AutoCert+ is required. Client systems will need to complete the supplemental test suite.
- MDP 3.0 certification is not required. However, CME Group strongly recommends client systems to test the FX Spot+ products in New Release before the production launch.
- CSET will configure credit setup to enable testing.
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Tradable FX Spot+ Products | |
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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 |
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The U.S. Dollar/South African Rand FX Spotleg is only tradable as part of the CME FX Link spread. |
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The minimum order cancel threshold could be different from the Minimum Order Size. CME Group reserves the right to change the minimum order cancel threshold at any time. |
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FX Spot+ Currency Pair | Inverted/Non-Inverted | Tag 15-Currency | Tag 120-Settle Currency |
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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 |
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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For example, with IFM enabled, if an order for 10 is filled for 2 prior to being replaced with an order for 5, the new order on the book will only be for 3. With IFM disabled, the new order will go on the book as 5.
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CME recommends that EBS client systems submit Order Cancel Replace (tag 35-MsgType=G) messages using tag 9768=Y to avoid overflow of cumulative quantity, since the quantity is in notional value. |
Matching Priority
FX Spot+
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More information regarding the API Endpoint, Attribute Name, and data types published in the future CME Reference Data Notices.
iLink Order Entry
With the FX Spot+ launch, the order entry messaging impacts include:
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EBS Order Types / Qualifiers | FX Spot+ Message Changes |
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Limit + GFS |
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Limit + GFS + Display Quantity |
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Limit + GFS + PD |
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Limit + GFS + Display Quantity + PD |
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Limit + FOK |
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Limit + FAK |
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- TimeInForce=0 (Day)
- TimeInForce=1 (GTC)
- TimeInForce=6 (GTD)
Party Details Details
The following fields are optional for EBS products, but are required for trading FX Spot+. The recommended values for these fields are as follows:
Field Name | Tag | Recommended Values | ||
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CustOrderCapacity | 582 | 2 -proprietary accounts of a member firm | ||
ClearingAccountType | 1816 | 1 - Firm | ||
CustOrderHandlingInst | 1031 | Y - Electronic | ||
Customer Account | 1693 (PartyDetailRole=24) | GFID + "FXSPOT"
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Location Location
Location (tag 9537) is required for trading FX Spot+. The recommended value for Location field is"$CME".
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If CME Global Command Center (GCC) amends or cancels a FX Spot+ trade, GCC will implement the trade correction or cancellation via parties to the transaction, their prime brokers, and the Central FX Prime Broker. EBS client applications willnot receive MDP 3.0 Trade Cancel and iLink Trade Cancellation/Trade Correction messages.
New Reject Codes/Texts
FX Spot+uses the same reject text and error code as CME Globex futures and options.
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The new FX Spot+ market data channel will use Simple Binary Encoding (SBE) order schema version 13. The following templates will be used on the new FX Spot+ market data channel.
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