The Chicago Mercantile Exchange reported record FX volume on December 12. A total of 872,271 futures and option contracts were traded, representing $96 billion in notional value. This was 16.6% up on the previous record of 748,050 contracts, set on June 8 2005. Electronic transactions on the exchange’s Globex platform accounted for 71% of the turnover. Even though calendar rolls into the March contract inflated the total, if the CME can maintain levels at anywhere near the record, the debate on whether or not FX can migrate to an exchange-traded environment will grow louder.