360T Hits New High and SGX Sees Strong YoY FX Volume Growth
Posted by Colin Lambert. Last updated: October 17, 2023
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.