CME to add USD/ZAR spot FX basis spreads on CME FX Link
Effective Sunday, November 20, 2022, for trade date Monday, November 21, 2022, and pending all relevant Commodity Futures Trading Commission (CFTC) regulatory review periods, Chicago Mercantile Exchange Inc. (“CME”) will extend the listings of CME FX Link on the CME Globex electronic trading platform to include spot FX basis spreads against the South African Rand /U.S. Dollar (ZAR/USD) futures contract.
CME FX Link will include spot FX basis spreads for the following nine major CLS-eligible currency pairs on CME Globex:
- Australian Dollar/US Dollar
- Euro/US Dollar
- British Pound/US Dollar
- New Zealand Dollar/US Dollar
- US Dollar/Canadian Dollar
- US Dollar/Mexican Peso
- US Dollar/Japanese Yen
- US Dollar/Swiss Franc
- US Dollar/South African Rand
CME FX Link is the only cleared and capital efficient pool of firm liquidity for FX swaps, which leverages existing OTC workflows. It is the first ever anonymous, automated connection between CME FX Futures and the OTC FX Marketplace, enabling participants across the industry to better manage their FX exposures, and more easily access the capital efficiencies of FX futures.
CME FX Link provides a transparent central limit order book on CME Globex for trading spreads between OTC FX Spot and CME FX futures, seamlessly connecting the two markets. Today, there are nine major FX PBs live, with credit lines in place with major bank FX house entities, along with integrated post-trade messaging provided by Traiana, RTN and IHS Markit.
FX Link is visible on multiple platforms with execution supported on Bloomberg, Fidessa and CME Direct, with market data available through Refinitiv and TT.