Sometimes It’s Good to Be Passive: Make the Most of FX Spot+

FX Spot+ provides spot traders with access to the substantial pool of FX futures liquidity, which reached an all-time, highest single-day volume of $314 billion in 2024. This feature alone offers significant advantages, but it is only half the benefit.

FX Spot+ also introduces a unique opportunity for spot traders to place passive spot orders that can be aggressed upon by native spot orders, and which can interact with the hugely diverse FX futures market. Passive trading in FX Spot+ is free to all participants for 2025, making this a compelling way for traders to get the most from their interactions with FX Spot+.

Through our implication technology, bids and offers placed in FX Spot+ are combined with resting liquidity in FX Link to represent resting liquidity in our FX futures. This integration introduces a new dimension and scope to passive fill opportunities for the OTC market.

Once an OTC trader has placed a spot order in the FX Spot+ order book then not only can another FX Spot+ customer aggress onto that price using a "native" spot order, but the implication technology will also translate the spot order into a resting futures order. This translation allows the entire futures ecosystem to see and interact with the resting interest, maximizing the chances of the order being filled.

The OTC spot trader interacting with FX Spot+ will only book and settle a spot trade, but the implication technology and linkage between FX Spot+ and FX futures significantly increase the number and diversity of customers who can see and interact with any resting order. This increases both the probability and frequency of expected fills.

In addition to native (spot vs. spot) orders on FX Spot+, our implication technology will also allow for resting spot orders in FX Spot+ to be represented as resting orders in the FX futures market - enabling aggressing activity in futures on liquidity provided in FX Spot+.