E-quivalents, a CME Group application, was created to help market participants who are accustomed to viewing, analyzing and trading FX in spot market conventions. Currency futures are always quoted as the currency versus the US dollar (this does not apply, of course, to cross-rate currencies). In the spot forex market, meanwhile, some currencies are quoted this way, while others are quoted as the US dollar versus the currency.
This application uses real-time updates of CME Group foreign currency futures prices and quantities, paired with user-defined forward points, to calculate spot FX equivalent prices and quantities for each currency pair.
E-quivalents displays the top five bids and offers in the book and allows market participants to see the best bid and offer in spot equivalent rates. Additionally, the application displays corresponding sizes and market depth, as well as high, low and last trade.
- "Market Data”. CME Group.