just now
CME Group has set a new open interest record in its FX futures and options, reaching 4,410,167 contracts on 4 September 2026. The figure surpasses the previous record of 4,269,622 contracts set on 11 June 2026, an increase of 140,545 contracts, or around 3.3%.
Open interest measures contracts that remain outstanding rather than contracts changing hands, so it is read as an indicator of positions being held rather than of daily activity.
Buy-Side Holdings Reach New Highs
The number of large open interest holders in CME Group FX futures rose to an all-time high of 1,446, as recorded in the Commodity Futures Trading Commission's Commitments of Traders report of 25 August. Asset managers exceeded $200 billion in FX futures notional open interest for the first time.
"The record participation we're seeing underscores growing buy-side demand for the capital efficiencies, transparency and central clearing that futures provide. From major currencies to emerging markets, clients are increasingly using our FX futures and options to manage risk across a broader range of currency pairs than ever before." - Paul Houston, Global Head of FX Products, CME Group
The record follows a soft August across FX venues. Notional average daily volume in CME Group's FX futures and options was $63.2 billion in August, down 11% on July but up 9% year on year, according to trade publication The Full FX, which noted the figure was among the lowest monthly readings the exchange has reported in contract terms in well over a decade. CME Group's own August report put FX average daily volume at 730,000 contracts.
In June, CME Group reported monthly record open interest of 3.9 million contracts with a value of $381 billion, including records in JPY, GBP, CHF and NZD. (The Full FX)
Institutional hedging demand has been building. A MillTech survey published in August found that 94% of North American fund managers were using foreign exchange hedges, the largest proportion in at least four years.
For asset managers, listed and centrally cleared FX offers margin offsets across a cleared portfolio, a single counterparty in the clearing house, and public pricing and position data. Those advantages have grown more relevant as uncleared margin rules and bank capital requirements have raised the cost of bilateral FX exposure and made prime brokerage credit harder and more expensive to obtain, particularly for smaller managers.
FX contracts made up roughly 3% of the record 27 million contracts traded daily at CME Group in July, with interest rate and equity index products accounting for a combined 77%. Listed FX remains a small share of a global market the Bank for International Settlements sizes in the trillions per day.
CME Group has spent the past two years narrowing the gap between its futures franchise and the OTC market. FX Link, a tradable spread between OTC spot and FX futures, and FX Spot+, an all to all spot marketplace launched in April 2025 that translates futures liquidity into spot terms, both aim to bring OTC participants into futures liquidity without requiring a clearing relationship. By December 2025 the exchange said more than 50 firms had actively traded on FX Spot+, 35 of them banks that had not previously interacted with FX futures.
The growth Houston refers to beyond the majors is visible in the monthly data. August brought year on year increases in CME Group FX futures average daily volume in Australian dollar (up 24% to $5.1 billion), Canadian dollar (up 34% to $4.8 billion), Swiss franc (up 27% to $3.7 billion), Mexican peso (up 17% to $1.3 billion) and Brazilian real (up 37% to $800 million). CME Group has also pointed to Brazilian real futures volumes rising 109% between the 2022 and 2025 BIS Triennial surveys, against 37% growth in the underlying market.
Found this interesting? Become a member of LiquidityFinder, join the community and join the discussion - join here.
