360T Breaches 100 Billion Mark as Refinitiv Slows

Deutsche Boerse’s 360T handled total FX volumes of EUR 102.3 billion per day in November, only the second time the platform has gone above EUR 100 billion, the previous occasion being amidst the mayhem of March 2020.

While this represents the second highest ADV in the platform’s history, activity in non-spot products hit a new high at EUR 81.1 billion (using a constant 1.15 exchange rate to convert the reported dollar spot volumes. Overall volumes were up 7.9% on October, and up an impressive 26.2% year-on-year, non-spot activity was up 7.4% and 19.3% respectively. Earlier this month, 360T reported a rise in spot activity of 9.9% and 1.2% respectively; and NDF volumes slightly higher month-on-month.

Meanwhile at Refinitiv, activity slowed slightly. Unlike other platforms who reported a month-on-month increase, spot FX volumes at Refinitiv were $88 billion per day, down slightly from $89 billion in October. Year-on-year, in contrast to several other venues to show a reasonable decline, Refinitiv’s spot volumes were also down just $1 billion per day.

Non-spot activity also declined, the firm reporting ADV of $342 billion. This is down 5% from October and down 3.6% year-on-year.