Articles tagged by FX ADV
The first trio of FX platforms to report FX volumes for October indicate little change from September’s numbers although they were clearly helped by increased activity surrounding the Cable flash crash on October 7.
Bats Hotspot reports average daily volume (ADV) of $25.3 billion, a 10.6% decline from September, while FastMatch FX says its ADV was $13.6 billion, a fraction down from September’s $13.7 billion. Gain GTX handled $8.7 billion per day, up 3.5% month-on-month.
Hotspot and FastMatch can be thankful for a very busy day on October 7, the day of the Cable flash crash, the former handling $37 billion that day and the latter $20.6 billion.
CME, EBS and FXSpotStream have all released October volume data, and, as was the case with the first group to report, the news is very mixed.
EBS says FX volume averaged $83.8 billion in October, 3% higher than September’s $81.7 billion and a fraction higher than October 2015’s $83.1 billion.
Meanwhile the outlook was gloomier at CME Group where the Merc reported average daily turnover of 771,000 contracts in FX products, 5% higher than October 2015 but down 20.4% on September’s data. Profit & Loss estimates ADV at CME in FX products to be $88 billion in notional value across futures and options on futures.
It was a different picture at FXSpotStream, however, where the platform registered $17.1 billion ADV, up 24.5% from October 2015 and also up 10.3% month-on month.
Thomson Reuters and Moscow Exchange both saw relatively flat performance in October compared to September, however both bucked the year-on-year trend at other platforms by seeing a decline over the 12 month period.
Thomson Reuters says it handled spot average daily volume (ADV) of $95 billion in October, a fraction up on September’s $94 billion but 8.6% lower year-on-year. Across all FX products the company’s platforms handled $269 billion, slightly lower than September’s $271 billion but 8% higher than in October 2015.
This continues a pattern this year that has seen Thomson Reuters persistently report lower year-on-year volumes in spot but higher ADV in the broader product set.
Meanwhile, Moscow Exchange says it handled RUB 1,232 billion in October, 1.6% lower from September and 11.7% lower from October 2015.
The first six FX platforms to report volume data indicate a good November for the industry with the US elections driving sufficient volume to more compensate for the traditionally quiet period around the US Thanksgiving Holiday.
Bats’ HotspotFX handled average daily volume (ADV) of $30.4 billion in November including just under $64.5 billion on November 9 following the US poll. It was a similar picture at FastMatch where ADV was a new high for the platform at $17.1 billion.
Finally it was also a very good month for Gain’s GTX, which recorded ADV of $10.3 billion on its ECN and SEF and just over $4 billion on its Swap Dealer.
The first three platforms providers to report December average daily volume (ADV) data have experienced the expected slowdown in December from November, but have lifted year-on-year.
Bats’ Hotspot FX handled $25.5 billion per day in December, down 16.1% from November, but up 5.8% from December 2015.
Meanwhile FastMatchFX reports ADV of $13.8 billion, a 19% drop from November – a month characterised by volatility around the US election – but an impressive 45.3% increase from December 2015.
It was a generally positive picture at Gain GTX also, with the platform seeing its fourth busiest month of 2016 at $9.2 billion.
Following the release of the first set of volume data from three platforms at the start of the week, a new set from three providers reinforces the impression that December was a decent month for those responsible for providing trading venues.
The newly-branded Nex Group says average daily volume (ADV) on its EBS platform was $89.6 billion in December, while CME Group handled 892,000 FX contracts (around $92 billion) and FXSpotStream reported a daily average of $18.4 billion on a 21 trading day basis.
The relatively volatile start to 2017 in FX markets has been reflected in strong data from the first three venues to report, with one platform achieving a new high in average daily turnover (ADV) and two others matching recent peaks.
Bats’ Hotspot FX platform reports ADV of $30.9 billion on a 21-day basis, while FastMatch FX handled $17 billion per day and Gain's GTX shattered its previous record high (by more than 22%) by recording just over $12.6 billion per day.
The second group of FX platforms to report average daily volume (ADV) for January has generally matched the month-on-month increase reported elsewhere but has suffered a year-on-year drop.
Thomson Reuters says FX platforms handled $91 billion in January, a rebound from December, but significantly down on January 2016.
With average daily volume (ADV) 11% up on December’s data, Thomson Reuters has largely mirrored the broader industry performance as highlighted by platforms reporting earlier this month, however year-on-year the data is much more worrying for the firm as it has severely underperformed its peers. While other platforms saw year-on-year ADV either rise slightly or decline by between five and 10 percent, Thomson Reuters’ spot ADV is down 26% year-on-year.
The first three platforms to report FX volume data for February indicate a slightly quieter month than January.
Bats’ HotspotFX saw average daily volume (ADV) of $27 billion in February, a 12.6% decline from January and 17.2% down on the same month in 2016.
The picture was slightly more positive at the other two platforms to report, however, with FastMatch FX handling $16.6 billion per day in February, and Gain’s GTX $11.1 billion, both down on the month but up year-on-year.
The second group of platforms to report results confirm that February was a quieter month than January, as well as compared to February 2016.
Three FX platforms have reported strong FX volume data for March, including two new records.
Thomson Reuters is the last platform to report average daily volume (ADV) data for March and like its peers it has produced good numbers.
The firm says that ADV in spot FX was $94 billion, up 11.9% from February. It was not all good news, however, for ADV actually fell 9.6% year-on-year – making it the only reporting venue to see a decline from March 2016.
Total ADV of foreign exchange trading across Thomson Reuters platforms in March totalled $361 billion, which is up 6.8% month-on-month and only slightly down from March 2016’s $362 billion.
The first group of FX platforms to report average daily volume (ADV) indicate the steady start to the year continued through April.
CBoE’s HotspotFX reports ADV of $29 billion per day, just down from March’s 29.7 billion, but 13.8% up year-on-year.
Meanwhile, FastMatchFX has set another high water mark in ADV terms, eclipsing last month’s $19.2 billion by recording $19.8 billion in April, up 83.3% from April 2016.
Gain’s GTX also had a steady month, reporting ADV of $11.5 billion, slightly down from March’s $11.8 billion but up 47.4% year-on-year.
Thomson Reuters says that average daily volume (ADV) across its spot FX venues was $87 billion in April, this represents a 7.4% decline from March and 10.3% drop from April 2016.
Total FX ADV across the firm’s platforms was $374 billion per day, a 3.6% increase from March and fractionally up on April 2016’s $373 billion.
This means that on a 20-day month basis, all platforms saw a decline in activity in April from March, however year-on-year the result was more mixed with FastMatchFX, CBoe’s HotspotFX and Gain’s GTX all showing an increase from April 2016.
The first FX platform providers to report average daily volume (ADV) data indicate May maintained the momentum of the previous months.
Spot FX activity on NEX Markets (formerly EBS) was $81.3 billion per day, up 6.8% from April and 12% higher year-on-year. At CME combined FX futures and options on futures volume was 823,000 contracts per day.
CBoE’s HotspotFX reports ADV of $28.1 billion, a 1.4% increase on April and a very healthy 20% increase from May 2016, while FastMatchFX reports ADV of $22.5 billion, a 18.4% month-on-month increase and almost double May 2016’s ADV of $11.4 billion.
FXSpotStream handled $17.5 billion in May, up 2% from April and 9% from May 2016 and Gain’s GTX reports ADV across its ECN and SEF of $10.7 billion, a 7% drop from April but a 55% increase from May 2016.
The last platform to report average daily volume (ADV) data, Thomson Reuters, has reported a small 2.2% decline in FX activity in May.
The platform provider says its spot FX activity across its venues was $85 billion per day, down from $87 billion in April and 7.5% lower than May 2016 when it handled $94 billion. Activity in all FX products at Thomson Reuters was $350 billion per day, down 6.5% from April but up a fraction from May 2016’s $347 billion per day.
In spite of several spikes in activity during the month, the overall impact on FX volumes in June was minimal with two of the first group reporting seeing a slight increase and two a slight decrease.
NEX Markets says average daily volume (ADV) in spot on its EBS platform was $83.3 billion in June, a 2% increase from May but a 12% decline year-on-year.
CBoE’s HotspotFX reports ADV of $27.9 billion, fractionally down from May’s $28.1 billion and 2.4% down from June 2016
Elsewhere, FastmatchFX, which was recently bought by Euronext, reports ADV of $19.7 billion, a 12.5% drop month-on-month but 20.9% higher year-on-year.
Finally, Gain’s GTX says ADV was $10.8 billion across its ECN and SEF, up 1% from May and up 12% from June 2016.
CME Group and FX SpotStream have both reported strong average daily volume data.
CME says that ADV in its FX futures and options products was 1,014,000 contracts per day, which Profit & Loss estimates to be in the region of $92 billion of futures and $8 billion in options.
This is 23% higher than activity levels in May and unchanged from June 2016.
Meanwhile, FXSpotStream saws ADV was $20.3 billion, a strong rebound from May’s $17.4 billion.
Although it had this 16.7% month-on-month rise, FXSpotStream did see a slight 2.1% decline in activity from June 2016.
Thomson Reuters says that average daily volume (ADV) in non-spot FX products was $299 billion in July – the highest recorded by the platform since it started reporting data in January 2013. This represents a 5.6% increase from June and a 14.1% increase from July 2016.
The news was not all positive, however, because the firm also says that ADV across its spot FX platforms was $88 billion in July, a 5.3% decline from June and a 9.3% drop year-on-year.
The first three platforms to report FX average daily volume (ADV) for August have presented a mixed picture, with one matching record highs, one dropping and one remaining stable.
CBoE’s HotspotFX platform reports ADV of $27.1 billion in August, unchanged from July but 19.9% higher than August 2016.
Euronext’s FastMatchFX saw ADV decline in August to $16.25 billion, down 9.7% month-on-month, but rising 57.8% from August 2016, while Gain’s GTX reports ADV of $12.2 billion per day – a 21% rise from July and 88% higher than August 2016.
Following the mixed news from other platforms to report last week, the pattern of varying fortunes in terms of average daily volume (ADV) has continued with Nex Markets' EBS reporting a month-on-month and year-on-year increase, but CME Group reporting a drop from July 2017 but a healthy rise from August 2016.
Nex says that ADV in spot FX was $83 billion in August on EBS, up 2% from July, but 21.3% up year-on-year. CME meanwhile, reports ADV in its FX futures and options on futures contracts was 817,000, the notional value of which, Profit & Loss calculates to be $81 billion per day. This is a 29.4% increase from August 2016 but 5% lower than July.
Thomson Reuters says that spot FX volumes across its platforms declined in August.
CME Group has recorded what Profit & Loss estimates to be its highest average daily volume in FX products since September 2014, while NEX Markets has also reported a strong month, in line with other OTC platforms to report earlier this week.
CME says its handled 1,256,000 FX contracts per day in its FX futures and options business, which Profit & Loss estimates to be just over $124 billion per day in notional value.
It was a good month also for NEX Markets as it handled $97.4 billion in spot FX.
The first four platforms to report FX volumes for October indicate that while turnover failed to maintain the September highs, average daily volume (ADV) remains close to the year’s peak and in healthy territory.
CBoE’s HotspotFX reports ADV of $32 billion in October, while FXSpotStream reports ADV of $19.9 billion. Elsewhere, Euronext’s FastMatchFX says it handled ADV of $18 billion in October and finally in the first group of platforms to report Gain Capital's GTX reports ADV of $11.4 billion.