360T, SGX Finish Year on Strong Note; LSEG Steady

December was a good month for both 360T and Singapore Exchange, with both reporting their second busiest month ever in FX, at LSEG FX, meanwhile, activity was steady.

Deutsche Börse reports that total FX average daily volume (ADV) on 360T was EUR 184.5 billion, just shy of its record month in September, which was EUR 185.8 billion per day. 360T often sees a quarter-end bounce in activity, probably related to increased hedging activity around that period, especially in non-spot products. Earlier this month, the platform reported spot ADV of $32.9 billion, using a fixed exchange rate, The Full FX estimates that non-spot volumes were EUR 156.5 billion, up 9.7% from November and up 3.4% year-on-year. This includes NDF volumes of just under EUR 2 billion per day.

SGX reports total contracts traded in December of just over 8 million. On an average daily volume basis this is 365,000 contracts per day, likely around $24 billion in notional terms. This is up 19.3% from November, and up 36.8% year-on-year.

CNH remains the largest FX contract at SGX, seeing just over 177,000 contracts per day, up 13.9% from November and up 10.1% year-on-year, while there was a surge in activity in Indian rupee contracts, which are traded in smaller increments than CNH, to just over 152,000 contracts per day. This is up 26% month-on-month, and up 81.4% year-on-year.

Meanwhile, LSEG FX reports spot ADV of $96 billion, unchanged from November, and down just under 2% year-on-year. Non-spot volumes at LSEG FX rose fractionally from November to $413 billion, this is +6.2% year-on-year.