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Primary Venues Steady in August: Integral Soars

FX average daily volume (ADV) at the primary FX venues were broadly steady in August from July, however, as was the case with the first group of venues to report they were down year-on-year.

CME Group reports that EBS ADV was $61.2 billion, the second quietest month of the year after April and a decline of 2.2% from July. Year-on-year, EBS ADV was down 32.5%. CME’s FX futures and options suite had a notional ADV of $70.7 billion in August, down 1.8% from July and down 11.2% from August 2019.

Conversely, Refinitiv managed to eke out an increase in both its spot and non-spot businesses. Across the firm’s platforms, spot FX ADV was $75 billion, up 1.4% from July, but down 15.7% year-on-year. In was a brighter picture in the non-spot segment for Refinitiv, ADV here was $337 billion, a 3.3% increase both from the previous month and from August 2019.

Of all the platforms to report thus far this month, Integral is standing out, achieving ADV of $39.8 billion in August for a 6.4% increase month-on-month and a 15.4% increase from the previous year – this makes it the only platform to report a year-on-year increase. Integral reports ADV in all FX products, not just spot.

Colin Lambert

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