FX Platform Volumes Drop in July

The first group of FX platforms to report average daily turnover (ADV) for July indicate that volume in the market dropped sharply from June, however year-on-year data was slightly better.

FXSpotStream reports ADV of $36.3 billion in all FX products, a 14.2% drop from June but a very healthy 31% increase from July 2018, while CboeFX says it handled $27.5 billion, a 16.9% drop from June and an equally large 17.2% drop from July 2018.

Elsewhere, Integral Development says its platforms had ADV of $34.1 billion, down 6.3% month-on-month and down 3.4% year-on-year, while EuronextFX says it saw ADV of $16.8 billion per day, a 12.9% drop from June and 16& down from July 2018. Euronext’s FX Tape also saw a decline in activity from June, volume published on the Tape fell to $78.7 billion from $95.6 billion in June, a decline of 17.7%. Year-on-year the Tape is still showing growth, July represents a 8.6% increase from July 2018.

Overall, with 23 trading days in the month of July, compared to 20 in June, the data is probably not as poor as it looks at first glance. Profit & Loss estimates that in terms of total monthly volume CboeFX was slightly lower, as was FXSpotStream, while Integral was higher and EuronextFX broadly unchanged.

Colin Lambert

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