As to be expected the first round of FX platforms to provide volume data indicate that turnover increased from December, however two of the three did show a year-on-year decline.
CboeFX says average daily volume (ADV) on its FX platforms was $33.6 billion, a 12.4% increase from December, but a 6.7% decline from the previous January. The daily non-firm fill rate on CboeFX was 87.79% and 33% of ADV was executed against a firm liquidity stream. Although the platform did not manage to hit last January’s levels, this ADV does represent the highest for CboeFX since March 2019.
Elsewhere, Deutsche Borse’s 360T reports spot ADV of $21.8 billion in January, a 7.9% increase from December and a 5.8% increase year-on-year. This also represents a small increase on 360T’s spot average for 2019, which was $21.4 billion and comes after Deutsche Borse last month reported the highest turnover for all FX products since it started releasing data. In December 2019, Deutsche Borse says that its overall FX volume in all products was EUR 93.2 billion, which represents a 13.6% year-on-year increase and an 8% climb from the previous high water mark established in June 2019.
Meanwhile EuronextFX reports ADV of $17.2 billion for January, an 8.2% increase from December, but down 14% year-on-year. The EuronextFX Tape, reported $83.3 billion in daily volume, however, a 9.6% increase from December and 24.7% up from January 2019.