EBS, Refinitiv, Enjoy January Bounce in FX Volumes

As was the case elsewhere with the first group of FX platforms to report data, both EBS and Refinitiv had a positive start to 2022, but while they recorded sizeable rebounds from December, on a year-on-year basis the news was more mixed.

Spot FX volumes on EBS averaged $62.1 billion per day in January, a 26% rebound from December, but a 14.7% decline on a year-on-year basis. At Refinitiv, however, ADV was $97 billion per day across its spot platforms, up 14.1% from December and a more modest 4.3% increase from January 2021.

There was good news for Refinitiv in its non-spot products, with the firm reporting ADV of $394 billion, its highest since, coincidentally, January 2021. This represents a 13.2% increase from December and a very slight year-on-year drop of $3 billion per day.

The news from CME Group – owner of EBS – was that its FX futures and options suite saw the expected drop from December (a roll month), but was steady year-on-year. The Full FX estimates that in notional terms, the Merc handled $73.5 billion, down 16% from December and unchanged from January 2021.

Finally in this set of reports, 24 Exchange reports ADV in FX NDFs for January was $401 million, up 35.9% from December and 33.6% on a year-on-year basis.

Deutsche Bourse has yet to report its total FX ADV, likewise, Integral, which is changing how it reports FX volume, is also to release data.