Cboe FX Hits Multi-Year Peak in Strong March for FX Platforms
Posted by Colin Lambert. Last updated: April 3, 2023
There must be something about March in the FX markets as for the third time in four years, volumes appear to have hit a new recent peak at the first group of platforms to report results, with one, Cboe FX, hitting its highest volume levels since the onset of the pandemic in March 2020.
Cboe FX reports average daily volume (ADV) of $48.4 billion in March, a 15.5% increase from February and up 9% year-on-year. Of this, $14.86 billion per day was from firm liquidity, and while this was a 10% increase from February and up 10.4% year-on-year, in terms of percentage of total volume across the platform – 94% of which was anonymous – it was lower than recent months at 30.7%. The average response time on the venue was 9ms, in line with the long-term average, and the average fill rate was 89%, the highest it has been in over a year.
Elsewhere, the picture was more mixed with Euronext FX reporting ADV of $22.7 billion per day, a 10% increase month-on-month, but down 13% year-on-year, while 360T’s spot FX ADV was $27.9 billion, up 9.4% from February, but down 2.1% year-on-year. FXSpotStream, which reports SDV in all FX products, not just spot, reports ADV of $66.8 billion, a 6.2% rise from the previous month, but down 4.7% year-on-year.
In NDFs, 360T saved its best for last, the platform handled over $1.9 billion in NDFs on the last day of the month, bringing ADV for March to $1.17 billion. This is a 3% rise from February and is up 4.1% year-on-year.
Elsewhere, Cboe FX reports NDF ADV of $1.14 billion, a 10.7% rise month-on-month and up 19.1% year-on-year, while 24 Exchange has hit another peak at $1.53 billion, a 2.1% increase from the previous high in February and up two-and-a-half times on March 2022’s data.