Primary FX Venues See Volume Drop

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.

Colin Lambert

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