FX Volume Data Mixed in July

The first group of FX platforms to report average daily volume (ADV) data, highlight a drop off in activity from June, but an increase in activity from the year before.

CboeFX says it handled spot FX volume of $32.7 billion in July, down 2.1% from June, but up 9% year-on-year. $9.18 billion per day was executed against firm, no-last look pricing, liquidity, 41% of ECN volume and 28% of overall volume on the platforms. Firm liquidity ADV is down 3.2% from June, but also down year-on-year, from the $9.97 billion per day in July 2020. The steady improvement in hit rates on CboeFX has largely been sustained, at 88.92% it is slightly lower than last month’s record 88.97%, but still the second highest recorded.

Deutsche Borse’s 360T reports spot ADV of $21.5 billion, down 2.3% from June, but up 2.9% year-on-year, while Euronext FX’ spot SDV was $18.2 billion, down 6.2% from June and up 2.8% year-on-year.

FXSpotSream ADV was $47.9 billion in July, down 2.4% from June and up 18.6% year-on-year, while Integral, at $44 billion per day, saw a month-on-month decline of 13.7% and a year-on-year increase of 17.6%. Both firms report FX volumes across all products.

Finally, 24 Exchange’s NDF volumes were $390 million per day, an 11.7% increase from June, but still below the current highs set in March and April of this year.