The data from the first set of FX platforms to report volumes suggests that any changes in trading activity were fairly minimal in November.
Fastmatch reported an ADV of $20.3 billion for November, up slightly from the $19.2 billion that it reported in October and the $17.8 billion that it recorded in November 2017. After seeing volumes on its FX Tape increase by 12.1% in October, Fastmatch was able to sustain this volume in November with an average of $95.3 billion being reported to it each day.
The ADV on Cboe Hotspot was $34.6 billion in November, down 5.4% from the $36.6 billion recorded in October, but marginally up year-on-year from the $33.9 billion that it recorded in November 2017.
After a record ADV in October of $35.8 billion, FXSpotStream (FXSS) saw volumes decrease very slightly last month to $35.5 billion, which is still its second highest ADV on record. This also means that year-on-year, the ADV for the platform was up 61.1% in November and for the first 11 months of the year is up 52% compared to the same period of time in 2017.
Profit & Loss noted in October that FXSS recorded an ADV which was very close to that of CboeFX, formerly Hotspot, and this month it has actually reported a higher ADV, the first time that this has happened.
Integral, however, bucked this trend of relatively stable volume last month, with a total of $38.3 billion traded across its platforms, a 10.7% increase from October and a 9.4% increase compared to November 2017. Integral’s reported volumes include all FX products, not just spot.