360T, SGX, Report FX volumes

Deutsche Börse has released the final FX volume data for 360T, indicating that while volumes dropped from December, they were healthily up year-on-year – meanwhile Singapore Exchange has turned in another record month, driven by CNH trading.

Overall FX average daily volume on 360T was EUR 124.7 billion, an 11.6% decline from December (quarter end months are traditionally strong for the platform), but up 9.8% year-on-year. Using a fixed exchange rate to convert to the dollar denomination used for reporting spot volumes, non-spot volumes at 360T were $99.7 billion per day, down 13.9% from December, but up 8.3% year-on-year.

Earlier this month, 360T reported a small drop (1%) in spot activity from December ((+16.1% year-on-year); as well as an 8.5% increase in NDF activity from December, which was 19.1% higher than January 2023.

Meanwhile, at SGX FX, total futures volume rose to 4.27 million contracts, a record high. SGX USD/CNH Futures volume rose by 124% to 2.63 million contracts, although this was slightly lower than December’s 2.74 million. SGX says that on 22 January, open interest in the contract – the world’s most widely traded international renminbi futures – reached a notional US$18.5 billion, a single-day record high.

Trading in INR futures, SGX’ second largest FX complex, rose after a few months of drift – just over 1.25 million contracts per day were traded in January, up from just over 1 million in December, but 8% down on a year-on-year basis.

SGX says open interest in SGX INR/USD Futures achieved a daily record of 167,221 lots on 26 January on increased portfolio hedging, ahead of the Indian government’s February announcement of its interim budget.