Data from CME Group, Integral Development and Refinitiv, which reports a new high in average daily volume (ADV), confirms the picture established by three other platforms earlier this week of a rebound in March FX volumes.
CME Group says its FX futures and options franchise handled 1,042,000 contracts per day in March, which Profit & Loss estimates to be just over $103 billion in notional volume. This is a 36% increase on activity in February, but is 7% down year-on-year, it is also CME’s busiest month in FX since September 2018.
Meanwhile, EBS, which is now owned by CME, says it handled $83 billion per day in spot FX, a 12.3% increase from February, but a 10.5% drop year-on-year.
Refinitiv says ADV in spot FX across its platforms was $97 billion, an 11.5% rise from February – again though this represents a year-on-year drop, in this instance of 7.6%.
In non-spot FX products, Refinitiv reports ADV of $368 billion in March, the highest volume recorded by the platform from when it started reporting data under the banner of Thomson Reuters. This represents a 7.3% increase month-on-month, and a 3.3% year-on-year increase. Total volume of $465 billion was also a new high water mark for the firm.
Integral Development meanwhile, says it handled $39 billion ADV across all FX products, a 17.1% increase from February. Integral started publishing data in April 2018, but says this is an 8.8% year-on-year increase.