LSEG, SGX FX Volumes Drift in July

As was largely the case elsewhere, FX volumes at LSEG and Singapore Exchange (SGX) drifted lower on a month-on-month basis in July, but were comfortably up year-on-year.

LSEG FX says it handled $102 billion per day in spot FX across its venues, an 8.1% drop from June, but up 3% year-on-year. This marks six consecutive months in which LSEG FX was over the $100 billion mark, the first time this has happened since mid-2015. Non-spot volumes across the LSEG venues also dropped from June, by 2.8% to $411 billion per day, however this is up 7.3% from July 2024.

Elsewhere, SGX also saw lower activity in July, the exchange reports total FX futures and options volumes of 6,037,809 contracts. This is down 9.9% from June, and up 25.4% year-on-year, however on an average daily volume basis, the 262,522 contracts per day is down 17.7% from June (and also +25.4% year-on-year).

Volumes in SGX’s largest FX contract, USD/CNH, dropped to 3,142,399 in July, off 10.9% (more on an ADV basis), but were up 7% year-on-year. It was a similar picture in the exchange’s second busiest FX contract, USD/INR, which saw a 5.9% drop from June (in absolute terms) to 2,218,566, which is up 41% year-on-year.

SGX does not regularly report FX volumes from its OTC business.

Meanwhile, Deutsche Börse says total FX ADV on 360T, across all products, was EUR 160 billion, an 8.4% drop from June, but up 10.7% year-on-year. Using a fixed exchange rate, this amounts to $131 billion per day in non-spot products, down 9.8% from June but up 11.2% year-on-year. Earlier this month, 360T reported NDF ADV of $1.78 billion, up 7.9% month-on-month and up 13.2% year-on-year.