360T, SGX, Hit New Volume Peak: LSEG FX Also Strong

Deutsche Börse has reported the busiest ever month for 360T as the FX platform benefitted from its usual quarter-end boost in activity, while March was also a strong month for LSEG’s FX business.

Average daily volume (ADV) across all FX products on 360T was EUR 146.3 billion in March, up 18.7% from February and up 14.8% year-on-year. This is, as noted, a new high for the business, the previous high-water mark coming in September 2023 at EUR 142.4 billion.

Using a fixed exchange rate, The Full FX estimates that non-spot ADV was just over $120 billion, a rate of growth just above that of the overall with a month-on-month increase of 21.5% and annual growth of 16.9%. Earlier this month, 360T reported its second busiest month in spot FX at just under $30 billion, as well as its busiest ever month for NDFs.

Deutsche Börse has reported the busiest ever month for 360T as the FX platform benefitted from its usual quarter-end boost in activity, while March also saw a new high for SGX’ FX suit, and was a strong month for LSEG’s FX business.
Average daily volume (ADV) across all FX products on 360T was EUR 146.3 billion in March, up 18.7% from February and up 14.8% year-on-year. This is, as noted, a new high for the business, the previous high-water mark coming in September 2023 at EUR 142.4 billion.

Using a fixed exchange rate, The Full FX estimates that non-spot ADV was just over $120 billion, a rate of growth just above that of the overall with a month-on-month increase of 21.5% and annual growth of 16.9%. Earlier this month, 360T reported its second busiest month in spot FX at just under $30 billion, as well as its busiest ever month for NDFs.

SGX also hit a new peak, driven by its flagship FX product USD/CNH futures. SGX reports ADV of 4.286 million contracts in March, slightly above the 4.272 million it reported in January. This is a 19.9% increase from February, and is up 17.4% year-on-year. USD/CNH volume was 2.639 million contracts in March, up 36% on what was a quieter month for CNH in February given the Lunar New Year but also up a very healthy 20.2% year-on-year. SGX says during March, open interest in USD/CNH futures hit a record $18.5 billion.

There was also good news in its second biggest market, USD/INR, where ADV was 1.357 million contracts. This is up 2.5% on February, and up 11.1% year-on-year. There will be some interest at SGX as to what the fallout will be from India’s decision to ban traders from INR futures markets in the country. The Reserve Bank of India imposed a ban on speculative trading targeting April 5, but the imposition of the new rules, allowing hedging trades only, was deferred to May 3. With up to 80% of volume in the $3 billion per day market seen exiting (open interest dropped 18.5%in one day last week), there is speculation as to whether SGX will benefit from traders seeking other outlets for trading, or suffer the impact of reduced trading in the Indian domestic market.

Meanwhile, LSEG FX has also reported strong data, with spot ADV across its platforms bouncing back above $100 billion for the first time since March 2023, to $104 billion – coincidentally that month spot SDV was also $104 billion. While static year-on-year, this is a very healthy 15.6% increase from February. March is also in recent historical terms, a strong month for LSEG FX – it’s highest ADV month has been March ever year since 2019.

Coincidentally, while non-spot volumes across the LSEG FX platforms also bounced strongly from February, they too were exactly the same as March 2023 at $370 billion per day. This is up 8.5% from February.