The first group of platforms to report FX average daily volume (ADV) data indicate that activity was slightly higher in August from July, but was down year-on-year.
FXSpotStream, which reports ADV is all products, not just spot, reports it handled $41.2 billion in August, up 2% month-on-month, but down 4.8% from August 2019 – a month in which the platform set what was then a new high ADV. Although activity dipped year-on-year, this does represent the first time since inception that FXSpotStream has had three consecutive months above $40 billion
Elsewhere, CboeFX reports ADV of $28.7 billion, the lowest this year and a 4.3% decline from July as well as a 13.3% drop from August 2019. The average fill rate on non-firm liquidity on the platform was 86.77%, a fraction down from 86.91% in July, and ADV on the exchange group’s firm liquidity venue was just over $9.4 billion, a drop in notional terms from almost $10 billion in July and a small percentage decrease (to 32.9% from 33.3%) in terms of this stream’s share of overall volume.
Euronext FX says ADV was $18.9 billion, a 12.4% increase from July, but a 15.2% decline year-on-year. It was a different story for the Euronext FX Tape, however, which reported the second highest ADV since it was launched at the start of 2018 at $124.1 billion. This is a 7.9% monthly increase and an impressive 34.5% year-on-year increase. August 11 also marked the fourth busiest day since the Tape was launched and the busiest since March when the current peaks were established.
Deutsche Borse’s 360T also saw an uptick from July, reporting spot ADV of $21.3 billion, a 1.9% monthly increase, but an 8.2% year-on-year decline.