360T Swap Volumes Up, Refinitiv, Integral in FX ADV Drift
Posted by Colin Lambert. Last updated: September 15, 2022
Deutsche Börse’s final volume report for August indicates that while spot volumes may have drifted at 360T, as was the case with most other platforms, FX swap activity rose. At Refinitiv, however, non-spot activity declined slighty in August, while at Intergal, which does not break out different products, activity also drifted lower.
360T’s average daily volume (ADV) in August was EUR 116.5 billion, a slight drop from July’s EUR 116.9, but up a healthy 38.5% year-on-year. Given that the platform had previously reported a drop in spot ADV, and using a constant exchange rate for the year, The Full FX estimates that non-spot activity was up by some 2.1% month-on-month and 43.1% year-on-year. The platform also reported a slight drift lower in NDF activity earlier this month, suggesting the increase was solely in FX swaps.
Meanwhile Refinitiv reports non-spot FX ADV of $327 billion in August, down 4.9% from July, and also down, by 4.1%, year-on-year. In spot, August was a relatively poor month for Refinitiv, compared to other venues. ADV was $86 billion across its platforms, the lowest number in 2022 for the firm and a 12.2% drop from July and 6.1% gain year-on-year. Other spot venues recorded monthly declines, however had much stronger year-on-year increases, in the 20-40% range.
Finally, Integral has reported FX ADV across all products and platforms of $46.3 billion, a 5.1% fall from July, but up 47.5% year-on-year.