Three primary trading venues in the FX market saw volumes decline sharply in July, to reinforce last week’s reported drops from other platforms.
CME Group says its EBS platform handled average daily volume (ADV) of $67.6 billion, a 21.4% decline from June and 17.5% down year-on-year – only April of this year was quieter. In its futures and options business, CME says turnover was 689,000 contracts per day, which Profit & Loss estimates to represent a notional value of $68.2 billion. This represents a 35.3% drop from June, which was a roll month, and an 18% drop from July 2018 and is the lowest ADV for FX futures and options at CME since August 2016.
Elsewhere, Refinitv also saw a drop in activity, however the change was more in line with those reported last week. In spot, Refinitiv’s FX platforms handled $80 billion per day, down 14% from June and off 14.9% compared to July 2018. This actually represents the lowest spot ADV since then-Thomson Reuters started reporting data in 2009.
In non-spot products, ADV at Refinitv was $337 billion, the lowest turnover year-to-date and a 6.1% decline from June. It was, however, a 10.9% increase from July 2018.