THOUGHT LEADERSHIP
FX traders:
Lovers of the light
A spotlight on the spot and NDF primary markets Focusing on EBS Market which provides centralised all-to-all matching for spot FX and 1-month NDFs, our markets provided much-needed liquidity in fast-moving market conditions.
• Elevated volumes: April 2025 was the highest volume month for EBS market since March 2020, with more than $ 100 billion average daily volume( ADV) traded between 3 April and 7 April, and NDF volumes of more than $ 17 billion on 2 May.
• Magnitude of order flow: Between 3 and 7 April, approximately 3.5 million firm orders were placed on a daily basis
In the first half of 2025, the combination of US tariff announcements and fiscal policy uncertainty led to volatility in FX markets not seen since 2020. During this period, CME Group’ s FX venues proved vital to traders for managing their risk, providing essential market transparency, deep liquidity and execution reliability. In this article, we examine a wide spectrum of liquidity data observed during the most difficult market conditions to help illustrate how our marketplaces across FX spot, nondeliverable forwards( NDF), futures and options benefited traders in time of need.
for EUR / USD, USD / JPY and USD / CNH, with the maximum single order size being € 999 million.
• Price continuity: Amidst the height of volatility, the liquidity replenishment was strong with the percentage of price points traded in EUR / USD and USD / CNH being ~ 90 %.
More than $ 6 billion of USD / TWD 1-month NDF traded on 2 May, 2025 Data source: Quant analytics, CME Group
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