Following the first group of platforms to report average daily volume for FX markets in April, the primary venues as well as FXSpotStream and Integral have also posted month-on-month declines – the latter two saw year-on-year increases, however for the primaries there were drops.
Refinitiv says that spot FX ADV across its platforms was $79 billion in April, a 44% decline from March and a modest 2.5% decline year-on-year. In non-spot products ADV was $328 billion, a 17.8% drop from March and 3.8% down year-on-year.
While Refinitiv’s monthly drop was broadly in line with the rest of the platforms, the picture was worse at CME Group where both the futures and case product sets saw sharper declines. EBS says it handled $60.9 billion per day in April, a 53.3% drop from March and a 9.5% decline year-on-year. The picture was even worse for CME Group’s futures and options suite, with the month-on-month drop of 61.9% being exacerbated by March being a roll month. At $50.6 billion notional ADV, April at CME FX futures and options is down 30.2% year-on-year – it also marks the lowest ADV for the Merc since Profit & Loss started tracking ADV data in June 2007.
It was a different picture at FXSpotStream which reports ADV of $34 billion, again this was a hefty decline of 45.5% month-on-month but it was a 6.3% increase from April 2019.
Lastly, Integral reports ADV of $35.1 billion, a 36.9% decline from March, but a year-on-year rise of 12.5%. The good news for Integral, such as it is considering it was a drop, is that the firm’s month-on-month decline was the least of all the platforms to report data.