Data from various platform providers has reinforced the message from the first two releases that while it didn’t pull up too many trees, December 2018 was a solid month for most that ended a good year.
CME Group says its FX futures volume was 1.260,000 contracts across its futures and options on futures product sets, which Profit & Loss estimates to be around the $98 billion per day mark. This represents a 13.5% increase on the month from November, while volume is broadly unchanged year-on-year.
The recently rebranded EBS FX platform, now owned by CME following its purchase of NEX Group, reports FX average daily volume (ADV) of $76.6 billion, a 6.6% decline from November, but a 16.3% increase on December 2017 – the latter equalled the mark for lowest ADV since EBS started reporting data.
Refinitiv volumes were very stable in the last month of 2018 at $396 billion, just $2 billion up month-on-month and year-on-year. Spot volume across the firm’s platforms was $90 billion, unchanged from November but 2.2% higher year-on-year, while other products ADV was $306 billion, up $2 billion from November and unchanged year-on-year.
Elsewhere, FXSpotStream continues to advance, reporting its third busiest month of 2018 with ADV of $32.5 billion in December. This represents an 8.4% decline from November but a huge 60.9% increase year-on-year. Of note, FXSpotStream data is based upon a 21 day month, where some other platforms report on a 20 day basis. Taking out December 25, the platform would have reported a 4.2% decline month-on-month and a 71.8% year-on-year increase.
Finally for December, Integral Development Corp says FX ADV was $38.7 billion in December, a 1% rise from November and, according to the firm, an 18.3% increase year-on-year.
Integral and FXSpotStream data is based on volume in all FX products, earlier this month, CboeFX and FastMatchFX both reported small declines from November but increased activity on a year-on-year basis.
Across 2018 as a whole, every platform saw increased activity with EBS handling 9.5% more volume, CME futures up 7.7%, Refinitv spot activity up 10.8%, CboeFX up an impressive 26.8% and FastMatchFX volume rising 9.2%. FXSpotStream activity was up a massive 52.9% for annual volume and Refinitiv’s non-spot activity also rose, by 15%.
Integral started reporting volumes at the start of 2018 and Deutsche Borse’s 360T FX unit is yet to report December data.