LSEG, 360T See FX Volume Surge in September, SGX Flat

In contrast to the earlier group of platforms to report FX turnover, both LSEG FX and 360T saw a month-on-month increase in spot FX activity in September – they both also saw a very healthy bounce in non-spot volumes.

Deutsche Börse says that total FX average daily volume (ADV) on 360T was EUR 157.9 billion – the second highest recorded by the platform after June 2024. 360T regularly sees a quarter-end bounce in volumes, but in addition to the 8.4% month-on-month increase, total volume is up 10.9% year-on-year. Using a fixed exchange rate, The Full FX calculates non-spot FX volumes to have been $130.5 billion on 360T, up 9.9% from August and up 11.5% year-on-year. Earlier in the month the platform reported a slight rise of $500 million in spot activity and a rise of some $345 million in NDFs.

It was a similar picture at LSEG FX, where ADV in spot across its platforms rose slightly, by $2 billion per day, to $109 billion in September. This is a 14.7% increase year-on-year, which means that while it has outperformed other venues month-on-month, it has lagged slightly year-on-year. LSEG FX also reports a strong surge in non-spot volumes, with ADV rising 12.9% from August to $419 billion – the first time the venue has surpassed the $400 billion per day mark. LSEG does not break down volumes between the legacy Matching venues and FXall.

Elsewhere, Singapore Exchange reports steady FX volume, with the exchange handling just over 5.5 million contracts during September. This is a very slight decline on August, although with one less trading day, the ADV would have been higher. Year-on-year, FX futures volume at SGX was up 34.7%.

The steady nature of business was seen across the main FX products, with CNH futures rising slightly from August to 3.488 million contracts in September – a 23% year-on-year rise; while INR, the second busiest contract, saw 1.68 million contracts, a slight decline from August, but up an impressive 55% year-on-year.

SGX also gave one of its periodic updates on its OTC FX business, which incorporates Bid FX and MaxxTrader. OTC FX ADV rose 46% y-o-y in September to a record $148 billion, the exchange says, adding that for the July-to-September quarter, ADV climbed 51% y-o-y to $142 billion.