CME Rolls out Implied Functionality for FX Futures

CME Group will introduce implied functionality on six FX
futures contracts and all SD calendar spreads to help increase liquidity in the

The changes, which will be effective 24 September, will take
place in the euro, yen, sterling, Australian and Canadian dollar and EUR/GBP

In an advisory to clients, CME explains implied
functionality utilises bids and offers in both spreads and their outright
contracts to provide “the most liquid possible markets with the best possible

It adds that in internal testing, implied functionality
increased incremental feed bandwidth up to 13% on the CME Globex FX futures MDP
3.0 channels 314 and 320.

The launch of implied functionality is the latest effort by
CME to deepen liquidity in its FX products – in February it
unveiled its triangulation programme for FX options
, which linked liquidity
in its volatility quoted and premium quoted options products.

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Colin Lambert

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