360T non-Spot FX Volumes Get Quarterly Bounce
Posted by Colin Lambert. Last updated: October 20, 2021
Deutsche Boerse has released full FX trading statistics for September, indicating its 360T franchise saw what is a regular quarterly bounce in non-spot volumes.
Overall, 360T handled EUR 97 billion per day in September, a 15.3% increase in August and up 11.1% year-on-year. Within this is $22.6 billion in spot volume previously announced, and $571 million in NDF volumes. Using a fixed exchange rate of 1.15 this means non-spot volumes of $77.3 billion, a 14.5% increase from August and up 14.7% year-on-year.
360T regularly sees volume spikes in non-spot products during the quarterly roll months, most probably linked to institutional and corporate activity at the quarter ends. During 2021, the three quarter end months have seen 360T average $76.8 billion, whereas the six other months’ average is $67.8 billion. In 2020 there was a similar disparity, quarter ends seeing $72.2 billion compared to the non-quarter monthly average of $63.7 (all at constant 1.15 exchange rate).
The good news for 360T is that aside from the Covid-inspired March 2020 spike, this is the second highest overall volume seen on 360T since it started reporting data – in non-spot terms it is just short of March 2020 and the current record month of $78.7 billion in June 2021.