360T Sees Volume Drift in April

Closing out the FX volume reporting period, Deutsche Börse’s 360T has unveiled its highest-ever non-quarter end average daily volume (ADV), in spite of a drift lower in activity from March.

360T says it handled EUR 142 billion per day in April, a 2.9% decline from March, but up 10.9% year-on-year. This is the platform’s third busiest month ever, beaten only by September 2023 and March 2024 – the latter being the current high-water mark for the firm. Prior to this, the highest non-quarter-end month reported by 360T was EUR 128.6 billion in October 2023.

Earlier this month, 360T reported spot FX ADV of $29.8 billion, it’s second-highest month in spot ever, and just over $1.6 billion in NDFs, collectively largely unchanged from March, meaning the slight monthly decline in activity seen probably came from FX swaps and outright forwards.

Using a fixed exchange rate, The Full FX estimates this to be a 3.7% decline from March, but up 9.5% year-on-year – earlier this month LSEG FX reported a 4% month-on-month decline in non-spot FX volumes, for a 0.5% year-on-year increase.