The average daily volume (ADV) for spot FX trading on Nex Markets was $104.9 billion in January, while CME Group handled around $109 billion including FX options.
For Nex, this represents a 13% increase from the $93.2 billion ADV it recorded in January 2017, and a massive 60% month-on-month increase.
The last time that Nex registered a monthly spot FX ADV higher than last month was in November 2016, when trading activity around the US presidential election pushed ADV up to $107.5 billion.
CME meanwhile says it handled 1.1 million FX contracts in January, which Profit & Loss estimates to be in the region of $109 billion. This is a 10% increase on December’s impressive volumes at the Merc and 19.5% up year-on-year. Typically 10% of CME’s FX volumes is in options contracts.
The volumes being reported by Nex are consistent with a broader trend across the multi-bank platforms that report their volumes, with Hotspot, GTX, FXSpotStream and FastMatch all reporting a spike in trading volumes last month. Indeed, the first of these three platforms all reported record ADV highs in January.
For the 12-month period ending January 31, the spot FX ADV on Nex was $84.8 billion, down 1% compared to the same period ending January 31, 2017.