FX Platform Volumes Ease in October, Up Y-o-Y

The first group of FX platforms to report average daily volumes (ADV) for October indicate that the pace of activity dropped back from September’s peak, however they remain comfortably up, year-on-year.

FXSpotStream, which reports data across all FX products, saw $69.1 billion per day in October, a 5.9% drift from what was a new high-water mark in September, but up a very healthy 36.8% year-on-year.

It was a similar experience at Euronext FX, which saw an 11.1% drop from September, but climbed 11.4% from October 2021. Earlier in October, the platform announced plans to default to FX Global Code-only liquidityunless specified by the consumer.

Deutsche Börse’s 360T also dropped from September, by 13.1% to $23.8 billion per day in October, this represents a 7.2% increase year-on-year, while finally of the first group to report, Cboe FX had ADV of $42.7 billion, a 6.8% decline from September, but up24.9% year-on-year.

Cboe FX also reports that 93% of volume in the month was traded anonymously, slightly higher than September and the recent average. The non-firm fill rate was steady at 87% and the average non-firm response time was 8 milliseconds, slightly higher than September’s 7ms, but below the 9 August and July and 10ms in June when the platform started publishing the data. Firm liquidity on the platform was $12.99 billion, 9.2% lower than September, but up 32.3% on October 2021, this represents 30.4% of all volume traded, which is largely in line with the average in 2022.

On NDFs, Cboe FX handled $889 million per day in October, down 10% from September, and also down 1.4% year-on-year. Over at 360T, NDF volumes were $1.227 billion, a 16.7% decline month-on-month and up95.4% year-on-year.