The primary FX venues have followed other platforms by reporting strong gains in average daily volume (ADV) in March with CME Group and Refinitiv hitting their highest levels since September 2014 and EBS the highest since January 2013.
Refinitiv actually hit the highest turnover across FX products since it started reporting data in April 2009 with ADV of $540 billion, this includes a new peak of $399 billion for non-spot products, a 15% increase from February and an 8.4% year-on-year increase. Spot FX volumes at Refinitiv, across its Matching and FXall services, was $141 billion, a 36.9% increase month-on-month and up 45.3% from March 2019.
CME Group says ADV on its futures and options product suite was a notional $132.8 billion, a 35.5% increase from February and up 31.3% year-on-year.
The CME data comes amidst a raft of new records for the exchange across asset classes, the Merc will also, no doubt, be happy with EBS’ strong performance, representing as it does a 44.9% increase from February and a massive 57.8% increase year-on-year.
The last time all three venues reported ADV above $100 billion was in May 2018, indeed apart from January and February of that year in which the same happened, the previous occasion was March 2015.