EBS FX Volumes Up, CME, Integral See Dip
Posted by Colin Lambert. Last updated: December 7, 2022
CME Group’s EBS has bucked the trend amongst FX platforms, reporting an average daily volume (ADV) increase, albeit fractionally.
Thus far, only 360T of the platforms to report has registered a month-on-month rise, but EBS has joined it with ADV of $67.2 billion, up from $67 billion per day in October. As well as a small rise, this is EBS’ third busiest month of 2022, indeed the third busiest month since March 2021.
Year-on-year volumes were up 7.5% and Jeff Ward, global head of EBS, says that CNH and NDF volumes saw “strong” year-on-year performance at +39% and +45% respectively, as well as a 7% month-on-month increase.
EBS Market was up 11% year-on-year and flat versus October, while EBS Direct spot was flat on both measures. EBS Direct forwards activity rose 3% from October to record its third highest month, however CME does not provide actual numbers for turnover in this segment, which does not form part of the published volumes data.
Meanwhile CME Group reports average daily turnover it is FX futures and options suite of 928,000 contracts, which The Full FX estimates to be $86.5 billion in notional value. This is a 7.3% decline from October, but is up a healthy 16% year-on-year.
Average open interest in FX products was up 14% for the first 11 months of the year compared to the same period in 2021, and volumes in blocks and EFRPs were up 77% by the same criteria.
While volumes on CME’s FX Link were up 40% year-on-year, ADV of $1.49 billion is actually the second lowest for 2022, with only February at $1.4 billion being lower. USD/ZAR was added to FX Link in late November, meaning the venue supports nine currency pairs.
Elsewhere, Integral has also reported results, with ADV hitting its lowest level since September 2020 at $42.6 billion. This is a 6.8% decline from October and is down 15.8% year-on-year. Integral reports volume across all FX products, not just spot.
Finally, 24 Exchange reports ADV of $955 million on its NDF platform, this is slightly up from $953 million last month – and is therefore a new peak for the venue, as well as up 152% year-on-year.