360T Hits New High and SGX Sees Strong YoY FX Volume Growth

Deutsche Börse’s 360T has reported its highest ever average daily volume across all FX products, largely driven by non-spot activity.

The platform reports it handled EUR 142.4 billion per day in September, up 21.6% on August. Earlier in the month, 360T reported a 13.2% increase in spot volumes from August and a more modest 6.2% year-on-year increase. There would appear to be a “September effect” in play at the platform, for while this is a new high, it is only 1.1% higher than September 2022, the previous peak for the platform – on a constant currency basis, the ADV is only 0.1% higher. Aside from the aforementioned growth in spot FX volumes, the surge in activity was likely in FX swaps, as 360T earlier reported a drop in NDF volumes.

Elsewhere, Singapore Exchange (SGX) saw a small decrease in activity from August, but was up healthily year-on-year. SGX volume was 4.11 million contracts in September, down 2.4% from August, but up 20.4% year-on-year. The Full FX estimates this be in the region of $22 billion in notional terms. The monthly drop reflects lower activity in its core emerging markets, earlier in the month both 360T and 24 Exchange saw a drop in NDF activity, while Cboe FX SEF was flat.

Within the SGX data, Chinese renminbi contracts saw a 77% year-on-year increase to 2.8 million traded per day, a notional value just shy of $15 billion according to SGX. This is a 3.1% increase from August. The CNH growth was tempered by a drop in activity in SGX’s second biggest FX contract, INR. Volume was just under 1.1 million contracts per day in September, down 7.9% from August and off 33% year-on-year.