Benefits to end-users: cleared FX

Figure 1: Number of large open positions held by customers in CME FX futures as of March 15, 2022.

Familiarity driving adoption: OTC conventions and OTC liquidity

Buy-side and sell-side adoption driving change: Blocks and EFRPs as a mechanism to access clearing for FX forwards, NDFs, and options

Figure 2: Year-to-date 2022* change in average daily volumes for blocks and EFRPs of CME Group listed FX products versus 2021

Benefits to liquidity providers: Blocks and EFRPs as a means to manage UMR and SA-CCR while still maintaining client relationships

Bottom line

Blocks and EFRPs: Definitions and Rule Books

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