Primary Venues See FX Uptick in May

Data from three primary FX venues has confirmed earlier releases from platforms indicating that while spot FX activity rebounded in May from a poor April, it remains lower around 20-25% lower year-on-year.

Refinitiv says its platforms handled $86 billion per day in May, up 6.2% from April but down 19.6% from May 2018 and it was a similar picture at CME Group where the Merc’s futures and options franchise handled 822,000 contracts per day, which Profit & Loss estimates to be $81.4 billion in notional value. This represents a 10% increase from April but a 25% decline year-on-year. EBS, now part of CME Group, had FX spot ADV of $78.4 billion, a 16.5% increase from April’s low point but a 22.6% decline year-on-year. Earlier this month, Euronext FX and CboeFX both also reported month-on-month gains but year-on-year declines of 23.5% and 19% respectively, while FXSpotStream bucked the trend with a 24% increase from May 2018.

In the broader cross-product space there was a sharp decline in non-spot activity on Refinitiv’s platforms, with the company reporting ADV of $297 billion per day in May. This represents a 12.9% decline from April and an 8.6% decline year-on-year – it is the lowest non-spot ADV reported by Refinitiv since August 2017.

Elsewhere Integral Development Corp also reported a decline in year-on-year activity in line with the other platforms, it handled $30.5 billion per day in all FX products, a 21.4% decline. Unlike the other venues to report thus far, Integral also saw a small decline in its month-on-month activity of 2.2%.

Colin Lambert

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