CME Group said Monday that it plans to launch FX Tape+, a new centralised reference pricing service designed to provide a comprehensive view of foreign exchange (FX) market liquidity. The platform is expected to go live later this year.
CME to Launch FX Tape+
The firm explained that FX Tape+ will aggregate firm price data from its central limit order books, including FX futures, EBS Market, FX Spot+ and FX Link, providing what the company describes as a more transparent and unbiased view of FX market conditions.
“By bringing together price information from our network of 1,400 institutions and over 100,000 active FX market participants, CME Group is uniquely positioned to enhance transparency in the fragmented FX market,” said Paul Houston, Global Head of FX Products at CME Group.
CME added that, unlike some existing industry benchmarks, which rely on indicative or curated pricing, FX Tape+ will be based solely on actionable liquidity.
At launch, it will cover 10 major currencies and will offer a composite ‘true’ spot mid-price, calculated using trade and order book data from CME’s FX venues.
CME stated that the new service will share reference data every 250 milliseconds via a websocket API and will also offer historical data files, enabling market participants to better analyse trade execution and manage costs.
