FX Products: Minimum Price Increments

Tighter Spreads, Same Trusted Markets

In 2014, 2015 and 2016 CME Group successfully reduced the Minimum Price Increment (MPI) in our JPY/USD, MXN/USD, EUR/USD, and CAD/USD contracts to provide more granular pricing and actionable liquidity – to reduce execution costs.

In 2019, we continued. We reduced the MPI and Trade Match Algorithm in GBP/USD non-consecutive monthly calendar spreads from 1 to .5. Full technical information is available in this SER. This change went into effect on Sunday April 28, 2019. On Sunday, August 12, 2019, we also reduced the MPI and Trade Match Algorithm in EUR/USD and JPY/USD non-consecutive monthly calendar spreads from .5 to .2. Full technical information is available in this SER.

On Sunday, January 26 2020, we reduced the MPI and Trade Match Algorithm in AUD/USD and CAD/USD – also in non-consecutive monthly calendar spreads from .5 to .2. Full technical information is available in this SER.

Execution Cost Reduction in CME FX Futures

MPI reduction in three pairs creates savings across the curve

Source: As of 10 October 2019

MPI Reductions: Improving liquidity and going beyond the quarterly roll

Reduced MPI allows market participants to maximize capital efficiencies and streamline operational processes. Benefit from:

  • Lower execution costs
  • Competitive margining
  • Average pricing on executions available via our average pricing system for easy allocation to accounts
  • Full trade netting when executing within the same FX contract

Explore additional FX opportunities with the most extensive and liquid FX futures and options marketplace with 55 futures and 24 options contracts listed. Ready to trade, 23 hours a day.

Explore More: MPI Reductions from 2014-2016

CAD/USD Highlights

Changed from $10.00 per tick to $5.00 per tick on July 11, 2016

  • Cost reduction of 31% for orders executed at the Top-of-Book. Save $68.86 on average execution size of 19 contracts (~$1.5m notional)
  • 100-lot execution (~$7.7m notional) is now 26% cheaper - saves $650. Average bid/ask spread of 1.895 ticks post cut
  • 200-lot execution (~$15.4m notional) is now 23% cheaper - saves $1,620. Average bid/ask spread of 2.693 ticks post cut

*These statistics are calculated based on data through July 22, 2016 for RTH

EUR/USD Highlights

Changed from $12.50 per tick to $6.25 per tick on January 11, 2016

  • Cost reduction of 36% for orders executed at the Top-of-Book. Save $89.45 on average execution size of 18 contracts (~$2.5m notional)
  • 100-lot execution (~$13.7m notional) is now 19% cheaper - saves $512. Average bid/ask spread of 1.799 ticks post cut
  • 200-lot execution (~$27.4m notional) is now 11% cheaper - saves $844. Average bid/ask spread of 2.609 ticks post cut

*These statistics are calculated based on data through March 1, 2016 for RTH

JPY/USD Highlights

Changed from $12.50 per tick to $6.25 per tick on June 22, 2015

  • A 25-lot execution (~$2.6 million notional) is now 39% cheaper - Average bid/ask spread of 0.65 ticks ($8.125 per contract) versus 1.07 ticks ($13.375 per contract) pre-tick size cut
  • A 100-lot execution (~$10.4 million notional) is now 22% cheaper - Average bid/ask spread of 1.298 ticks ($16.225 per contract) versus 1.656 ticks ($20.700 per contract) pre-tick size cut
  • A 200-lot execution (~$20.8 million notional) is now 26% cheaper - Average bid/ask spread of 1.88 ticks ($23.500 per contract) versus 2.53 ticks ($31.625 per contract) pre-tick size cut

*These statistics are calculated based on data through December 31, 2015 for RTH

MXN/USD Highlights

Changed from $12.50 per tick to $5.00 per tick on July 14, 2014

  • A 25-lot execution (~$747,000 notional) is now 44% cheaper - Average bid/ask spread of 1.64 ticks ($8.20 per contract) versus 2.94 ticks ($14.70 per contract) pre-tick size cut
  • A 200-lot execution (~$6 million notional) is now 42% cheaper - Average bid/ask spread of 3.85 ticks ($19.25 per contract) versus 6.61 ticks ($33.05 per contract) pre-tick size cut

*These statistics are calculated based on data through December 31, 2015 for RTH

Contact Us

FX Team

Chicago
+1 312 930 3148

Singapore
+65 6593 5561

London
+44 20 3379 3721

More in FX

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

© 2024 CME Group Inc. All rights reserved.