The primary FX venues have reported a year-on-year decline in spot FX volume, however the news was slightly more positive on a month-on-month basis.
CME Group says that it handled notional value of $102.7 billion per day in September, an 8.3% decline from September 2018 but a 29.3% increase from August 2019 – reflecting September’s status as a roll month. The notional volume traded is actually the highest reported by the Merc since the previous September, more good news for the exchange group came in the form of its recently-launched FX Link service, which hit a new daily volume record at $4.27 billion of notional on September 18.
EBS, which is owned by CME, saw average daily volume drop to $77.8 billion in September, a 9.6% drop year-on-year and a 14.2% month-on-month decline.
Elsewhere, Refinitiv says that spot FX volume across all its venues was $93 billion per day in September, a 5.1% decline from the previous year, but a 4.5% increase on August 2019. The news was much more positive for Refinitiv’s non-spot FX business which handled $356 billion per day, an 8.9% increase year-on-year and a 9.2% increase month-on-month.
Earlier this month, Euronext FX, FXSpotStream and Integral Development all reported year-on-year increases, while CboeFX saw a decline.