Mixed News from FX Platforms

FXSpotStream, Integral and Singapore Exchange (SGX) have released their first volume data for the year and it is a real mixed bag, with one up month-on-month but down year-on-year and the other two down from December but up from January 2019.

FXSpotStream says its average daily volume was $37 billion in January, taking the 21 day average for December, as reported by Profit & Loss, this represents a 13.5% increase, however it is 3.6% lower year-on-year. With December’s volume being broadly unchanged year-on-year this is the fourth month in which FXSS has not had a significant year-on-year rise, suggesting that the impressive growth spurt it experienced in the first three quarters of 2019 is now plateauing.

Meanwhile, Integral Development reports FX ADV across its venues of $35.5 billion, meaning it is the first platform to report a month-on-month decline, albeit by just 2.2%. Year-on-year, however the firm saw ADV increase by 2.3%.

Both Integral and FXSS report data across all FX products, not just spot.

Elsewhere, SGX says it handled “close to” 2 million FX contracts in January for a notional value of $126 billion or $5.7 billion per day. This represents a decline from December when SGX says FX futures volume was 2.075 million, it is also likely to be close to the exchange’s average turnover of FX contracts for 2019, which was around 1.96 million per month. In January 2019 SGX handled 1.87 million contracts.

Earlier this month CboeFX and Euronext FX reported a rise from December but a fall from the previous January, while 360T’s spot activity climbed across both periods.

Colin Lambert

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