Mixed Data from Primary FX Venues

The three primary FX venues have all followed the first group of platforms to report average daily volume (ADV) with a month-on-month rise, however unlike the latter, year-on-year turnover is lower.

EBS, which is owned by CME Group, reports ADV of $69.3 billion in June, a 22.2% rebound from the horrible May data, but still down a hefty 21.8% year-on-year. CME’s FX futures and options franchise reports ADV of $87.5 billion in notional terms, a huge 55.1% increase from May (June being a roll month), but down 14.8% from June 2019.

Refinitiv, meanwhile, says spot ADV was $83 billion in June, up 12.2% from May, but down 10.7% from June 2019. In non-spot products, Refinitiv saw ADV of $334 billion, a 14.4% increase from May, but again, this represents a dip from June 2019 of 7%.

Away from the primaries, two other venues have reported ADV. Integral says it handled $35.1 billion in all FX products in June, a 7.7% increase month-on-month, but a 3.6% decline year-on-year. Singapore Exchange meanwhile reported total FX market volume increases, however on an ADV basis, Profit & Loss estimates that the $5.5 billion per day represents a 14% decline from May, and a 5.1% fall year-on-year.

Colin Lambert

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