360T, LSEG FX to New Highs as Exchange Groups See FX Volume Increase

As was the case with all but one FX platform to report results earlier in the month, a second group, owned or operated by exchanges, also saw an uptick in activity from September, with Deutsche Borse’s 360T and LSEG FX seeing new peaks in activity.

CME Group says average daily volume (ADV) on EBS, across spot and NDF products, was $58.2 billion, a 5% increase from August, but still the third lowest thus far in 2025. On a year-on-year basis, EBS volumes were down 14.3%. CME’s FX futures and options product suite saw notional ADV of $101 billion, meaning the group’s FX turnover was $159.2 billion.

CME says FX options on futures activity was up 23% year-on-year, driven largely by higher activity in EUR and GBP products. FX Link was also higher month-on-month, at $4 billion it was up 73.9%, however year-on-year activity was 30.4% lower – largely thanks to September 2024 representing the current peak of activity on the platform.

Deutsche Börse also saw what is becoming a traditional quarter-end bounce in activity on its 360T platform. After reporting spot volumes slightly higher earlier this month, the group says total FX ADV was EUR 185.8 billion – a new high for the platform. And up 15.5% from August and up 17.7% from September 2024. NDF activity was also slightly higher, but the majority appears to have come in other products, using a fixed exchange rate, The Full FX estimates that non-spot activity at 360T was up 17.3% from August and up 19.1% year-on-year at EUR 155.5 billion, also a record.

LSEG also saw record activity in all products at $563 billion per day. Within this, spot ADV was $101 billion across the firm’s venues, up 6.3% from August, but down 7.3% year-on-year (and the second lowest thus far in 2025). Non-spot activity soared, however, to a new peak of $462 billion per day across the LSEG platforms, up 11.9% from August and up 10.3% year-on-year.

Singapore Exchange (SGX) also saw a good uptick in its FX futures activity. At just over 6.28 million contracts for the month, ADV was just under 286,000 per day, which is up 8.1% from August and up 8.4% year-on-year. Within this, SGX’s largest FX product, CNH, saw ADV of 150,358 contracts, up 9.1% from August and down 5% year-on-year. The exchange’s second largest FX product, INR, saw ADV of 111,396 – a 10.3% rise from August and up 46% year-on-year.

Earlier in the month, 24 Exchange reported NDF daily volumes of $3.99 billion, up 2% from August and up 7.8% year-on-year.