The three largest FX platforms to report average daily volume (ADV) have reinforced the message from the first group to report that May was a good month for the industry. CME Group, NEX Markets and Thomson Reuters have also all reported ADV in excess of $100 billion for the third time this year, before that the last time this was seen was in June 2015.
NEX Markets says spot FX ADV in May was $101.3 billion, up 21% from the $83.4 billion of ADV it recorded in April and a 25% increase from the $81.3 billion of ADV it recorded in May 2017.
For the 12-month period ending May 31, 2018, the ADV of spot FX traded on NEX Markets was $88.7 billion, up 6% compared to the same time period a year earlier.
Meanwhile, CME Group says it handled 1.1 million FX contracts in May across its futures and options franchises, Profit & Loss estimates this to represent a notional FX volume of $108.9 billion per day. This is a 34.1% increase on April, which was CME’s second quietest month in two years, and 34% up year-on-year.
Finally of the last group to report, Thomson Reuters says spot FX volume across its platforms was $107 billion, a 12.6% increase from April and 25.9% up year-on-year.
In non-spot products, Thomson Reuters reports ADV of $325 billion, a 6% drop month-on-month but a 22.6% increase from May 2017. This means that overall FX volume at the firm dropped slightly, by 2% from April but is up 23.4% year-on-year.
This sizable increase in trading activity last month is consistent with the other spot FX platforms that have already publicly released volumes. Profit & Loss previously reported that GTX, CboeFX, FastMatch and FXSpotStream all saw a boost in trading volumes in May.