CME Group has announced the upcoming launch of FX Tape+, a new pricing service designed to deliver centralized reference prices and a consolidated view of FX liquidity from its suite of transparent trading venues.
The product will go live later in 2025 and will include data from FX futures, EBS Market, FX Spot+, and FX Link.
Network of 1,400 institutions and over 100,000 active FX market participants
Paul Houston, Global Head of FX Products at CME Group, commented, “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. CME FX Tape+ will give users a unique view of centralized spot and forward liquidity, enabling them to better manage their trading costs and benchmark their strategies.”
FX Tape+ aims to distinguish itself from existing reference price offerings by basing its data solely on actionable, firm liquidity. Rather than relying on indicative or curated pricing from opaque sources, the service will reflect prices from CME’s centrally cleared markets and real-time order books.
At launch, FX Tape+ will cover ten major currency pairs and offer a composite mid-price, derived from trade data, executable quotes, and aggregated rates across CME’s FX venues. The service will deliver reference prices every 250 milliseconds through a websocket API and provide access to historical data for post-trade analysis and strategy benchmarking.
The move responds to long-standing concerns about pricing transparency in FX markets and reflects CME’s broader push to consolidate its position in spot and forward currency trading. By integrating futures and OTC market data into a single feed, the group expects to offer market participants greater confidence in trade evaluation and cost analysis.
