Following downbeat reports from other venues earlier this week, the primary FX venues have also released weak volume data for November, with all three of CME, EBS and Refinitiv Matching reporting their lowest ADV for the year to date – the latter two platforms actually hitting their lowest ADV since they started reporting data over a decade ago.
EBS, which is now owned by CME, says it handled $62 billion per day in November, the lowest since it started reporting data in January 2007, undercutting the $65.5 billion it reported in both August 2016 and December 2017. This represents a 10% drop from October and a sizeable 24% drop year-on-year for the platform.
Refinitiv says it handled $75 billion of spot volume per day across its Matching and FXall platforms, establishing a new low after October had set a new mark at $81 billion. This is a 7.4% decline on the month and 16.7% drop year-on-year. Refinitiv also saw a month-on-month decline in its non-spot volumes, by 8% to $323 billion, however this number does represent a 6.25% year-on-year increase.
Meanwhile, CME Group says it handled notional $64.3 billion across its FX futures and options product suite, its lowest ADV since August 2016 and a 13.8% drop from October as well as a 26.8% drop year-on-year.
Elsewhere, Integral Development says it handled ADV of $34 billion in November – a 6.6% decline from October and an 11.2% decline year-on-year.