Marex Clears First U.S. Treasury Delivery on FMX Futures Exchange

Marex Group, a key player in market making and financial infrastructure, has executed the first U.S. Treasury delivery on the FMX Futures Exchange. The exchange, launched in 2024 by BGC Group and a consortium of financial institutions, aims to compete with established players like CME Group.

FMX debuted with SOFR futures—the world's largest notional futures contract—and expanded to two-year and five-year U.S. Treasury futures this May. Robert Allen, FMX president, called the milestone delivery "a significant moment for our exchange and for the market."

Steve Hood, Marex's head of U.S. clearing, noted the firm has been active on FMX since its inception, clearing its first SOFR trade last September. He emphasized the strategic importance of FMX's Treasury futures: "It brings greater diversity and resilience in a consolidated market."

BGC's Q2 2025 results revealed record activity on FMX, with SOFR open interest surging 73% sequentially. The exchange's growth signals shifting dynamics in derivatives trading as new entrants challenge incumbent platforms.