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FX Volumes Decline in July

The first group of platforms to report average daily volume (ADV) for July in spot FX indicate there was a pullback from June – with two reporting their second quietest month of the year to date.

CboeFX reports ADV of $30 billion in July, a 13.3% decline from June, but a 9.1% year-on-year increase – only April has been quieter for the platform ($29.3 billion). The non-firm fill rate on CboeFX for the month was 86.91%, a small increase from June’s 84.87%, while trading on firm liquidity averaged $9.97 billion, down from $10.92 billion – this does represent, however, 42% of volume compared to 40% in June.

Deutsche Borse’s 360T reports spot FX ADV of $20.9 billion in July, an 12.2% decline from June and unchanged on July 2019.

Euronext FX handled ADV of $17.7 billion in June, down 19.5% from June, but up year-on-year by 5.4% – January remains the platform’s quietest month of the year to date at $17.2 billion.

Interestingly, the Euronext FX Tape bucked the trend, reporting $115 billion of volume on average, a 2.5% increase from June, as well as an impressive 46.1% increase year-on-year.

Colin Lambert

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