The primary spot FX venues had mixed fortunes in July, with Refinitiv Matching and EBS decreasing and CME offering mixed news.
Refinitiv says spot average daily volume (ADV) was $74 billion in July, a 10.8% decrease from June as well as 7.5% drop from July 2019. It was the platform’s equal quietest month of the year.
CME Group says EBS handled ADV of $62.6 billion in July, it’s third lowest of the year-to-date, this represents a 9.7$ decline from June and a 7.4% fall year-on-year. CME’s futures and options product suite had a notional ADV of $72 billion and while this was a large 17.7% drop from June (which was a roll month therefore traditionally busy), it does represent a 7.6% year-on-year increase.
Away from spot, Refinitiv says other products produced an ADV of $326 billion on the platform in July, down 2.4% from June and down 3.3% from July 2019.
Elsewhere, Deutsche Boerse reports total ADV for FX products was EUR 82.9 billion in July, Profit & Loss estimates this to be a non-spot FX ADV of EUR 64.4 billion and a 3.7% decline from June (using a constant 1.15 exchange rate), it is broadly unchanged year-on-year. Earlier this month, 360T, which is owned by Deutsche Boerse, reported spot ADV of $20.9 billion.
In the emerging markets space, Singapore Exchange saw activity drop in July to an estimated notional of $4.2 billion per day, this is a 23.8% decline month-on-month and a 20.1% fall year-on-year. Finally, the nascent 24Exchange, which has initially focused on NDFs, says its handled over $100 million in daily NDF volume for the first time.