After a largely expected pull back from the heights on March in April, the first group of FX platforms to report average daily volume (ADV) for May indicate that there was, with one exception, a small increase in trading.
FXSpotStream reports ADV of $36.1 billion for May, a 6.3% increase on April and up 3.5% on a year-on-year basis. This data includes trades in all FX products, not just spot, and was taken before two recently announced LPs, Barclays and Societe Generale, joined the service.
For those platforms that report spot only, the news was a little mixed. CboeFX ADV in May was $31.4 billion, a 7.2% increase from April, but a 5.1% decline from May 2019. The fill rate on non-firm liquidity was 86.32% for May, continuing a recovery from March’s low of 81.62% and April’s 84.24%. Trading against firm liquidity on the platform averaged $9.8 billion per day, or 39% of total, a drop from April’s 43% but up from 33% in March.
Spot ADV at 360T meanwhile, was $19.8 billion, a 5.3% rise from April, but a 12.4% drop year-on-year. With April registering the lowest ADV since 360T started reporting data, May is the second lowest since December 2018.
Euronext FX, meanwhile, actually saw a small decline in month-on-month activity, by 3.9% to $19.5 billion, however year-on-year, activity was 2% higher. The Euronext FX Tape reported ADV of $80 billion in May, 2.4% up from April and 2.6% up year-on-year.