360T, SGX End 2023 on a High

Both Deutsche Börse’s 360T and Singapore Exchange reported strong annual growth in their December FX volume data, with the former hitting its second highest average daily volume (ADV) to date.

Deutsche Börse says total FX volumes on 360T were EUR 141 billion, making it one of the few venues to see month-on-month growth. 360T regularly reports strong data for quarter-end months and this was no different, being 15.4% up on November and 10.5% higher year-on-year. On September was a busier month for the platform when it reported ADV of EUR 142.4 billion.

Earlier in the month 360T reported solid growth in its spot volumes in December, and a small decline in NDF activity from November (it was up year-on-year). Using a fixed exchange rate for the conversion, this suggests FX swaps and outrights volume of $114.5 billion in December, up from $97.1 billion in November and $106.7 billion in December 2022.

Meanwhile, SGX reports it handled Just over 4 million contracts per day in December, a 1.6% decline from November, but up 44.4% year-on-year. The exchange says USD/CNH futures volume jumped 93% year-on-year in December to 2.7 million contracts – activity was also higher than November when it was just over 2.65 million contracts.

INR activity on SGX continues to drift lower, but it remains the second biggest currency pair on the exchange. In December daily volume was just over 1 million contracts per day, down from 1.12 million in November and 1.19 million contracts in December 2022.

SGX also gave an insight into its OTC FX volumes, largely BidFX, by reporting that ADV “consistently surpassed” $100 billion in the fourth quarter.