Platform Data Confirms Decent December

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.

Twitter @lamboPnL

Twitter @Profit_and_Loss

Colin Lambert

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