FX Platform ADV Dips in August

As is often the case, the indication from the first group of platforms to report data is that August saw a slight pullback in activity from July, however volumes were healthily higher year-on-year.

FXSpotStream, which reports across all FX products, handled average daily volume (ADV) of $60.9 billion, a 4.8% dip from July, but up 47.1% year-on-year. Equally, at Euronext FX, which reports spot volume only, ADV was $19.7 billion, down 7.9% from July, but up a very healthy 24.7% year-on-year.

Deutsche Börse’s 360T reports spot ADV of $22.9 billion, a 10.9% decline from July, but up 19.9% year-on-year. The story was similar in 360T’s NDF franchise, which reports ADV of $1.299 billion, down a fraction from July’s $1.308 billion but significantly higher than August 2021’s $513 million.

CboeFX saw a 2.6% decline from July to $37.2 billion, but again, year-on-year, volumes were higher, by an impressive 28.7%. Firm liquidity ADV was $12.25 billion, up 8% from July and up 49.8% year-on-year, while the percentage of volume executed anonymously rose slightly, from 92% to 93%. The non-firm fill rate on CboeFX was 87% in August, unchanged from July and very much in line with the last five months’ average.

Finally, CboeFX’ NDF SEF also saw a slight decline in activity, ADV dipping to $805 million from $876 million, however this is significantly above August 2022’s $413 million.