FX Platforms Hit New Peaks in March

As expected, FX platforms saw a leap higher in average daily volume (ADV) during the market’s version of March Madness, with the first five to report data hitting new highs as well as establishing new individual day records.

Deutsche Borse’s 360T reports spot FX ADV of $36.9 billion, a 36.2% increase from February, which was itself a new record month for the platform, and a massive 70.8% year-on-year increase. March included a new daily record of $50.3 billion for 360T’s spot business, established on March 9.

It was a similar picture at Euronext FX where ADV set a new high of $37 billion, a 59.5% increase from the previous peak in February and .a 76.2% increase year-on-year. The platform also established a new daily record on March 9 at $54.7 billion. The Euronext FX Tape also had a strong month, with reported ADV hitting a new peak of $129.4 billion, up 21% month-on-month and 27.6% higher than March 2019. For the first time in its existence, Euronext FX had volume above $20 billion every day of a month, March 12 also saw the Tape break the $200 billion market in reported volume, hitting $207.7.

Elsewhere, CboeFX reports ADV of $55 billion – again a new record – representing a 33.3% increase from February and up 42.9% year-on-year. As was the case elsewhere, March 9 saw a new peak for volume established at $83.5 billion. The fill rate on non-firm liquidity on CboeFX was 81.62% in March, this dipped to 76.56% on March 9 amidst the chaos of that day. ADV of firm liquidity was $18.4 billion, including a new peak of $29.1 billion on March 9.

In February, CboeFX firm liquidity ADV was $11 billion and the non-firm fill rate was 86.92%.

Singapore Exchange (SGX) also had a strong March for its FX suite, recording ADV of $7.8 billion notional – a 72% year-on-year increase in notional terms. Of SGX’s flagship FX products in gross monthly terms, INR rose 37% year-on-year to 1,608, 903 contracts, while CNH volume was 1,255,507 contracts, a 95% year-on-year increase.

FXSpotStream reinforced a very strong February performance with a new high ADV in March, the platform handling $62.4 billion per day, a 30.5% increase on what was a record February and 65.5% higher year-on-year. Again March 9 provided a new high for a single day’s volume with FXSS handling $89.6 billion. Another psychological milestone for the platform was that it broke the trillion dollar mark for gross monthly turnover for the first time since it was formed, hitting $1.37 trillion.

Finally, Integral joined in, mainly, the platform says, due to activity in euro and gold, the latter of which saw a dislocation in late March. Integral reports ADV of $55.6 billion, a 39.3% rise from February and up 42.6% year-on-year. As was the case elsewhere, the firm established an impressive new daily peak volume at $72.3 billion.

 

Colin Lambert

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