Exchanges See FX Volume Decline

CME Group and Moscow Exchange (Moex) have both
reported lower FX volumes in July – largely reflecting the first batch of data
from the OTC platforms earlier this week.

CME says average daily volume (ADV) in its
FX contracts was 724,000, the second lowest level of activity this year after
May saw ADV of 716,000. Profit & Loss
estimates the notional value traded on CME to be in the region of $76 billion
per day.

July’s ADV on CME was 28.9% lower from the
Brexit-inspired surge in activity in June. With three major platforms still to
report this is easily the worst performance of a trading venue thus far in
July, however there is better news for the Merc in the year-on-year comparison,
where activity is only 1% lower.

Meanwhile Moex says ADV on FX products was
RUB 1,232 billion ($19.2 billion), representing a 7.4% decrease from June and a
1.5% fall from levels one year before. This represents the lowest level of
activity thus far in 2016 on the exchange.

Twitter @lamboPnL

Twitter @Profit_and_Loss

Colin Lambert

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