FX Volumes Bounce Back in November
Posted by Colin Lambert. Last updated: December 1, 2021
The first group of platforms to report FX trading volumes indicate November was a busier month than October – on a year-on-year basis, however, activity levels were more mixed.
FXSpotStream reports FX average daily volume (ADV) across all FX products of $51.5 billion, a 2% increase from the previous month, but a much more impressive 15.7% increase year-on-year. This is the third time this year the platform has broken the $50 billion barrier, and the third highest ADV in its history.
Elsewhere, Euronext FX also saw a useful bounce in spot activity, reporting ADV of $21.2 billion, a 9.8% increase from October, but a slight 1.9% drop year-on-year – this actually equals the third best performance by the platform, in ADV terms, this year.
360T meanwhile, also reported a healthy increase from October, spot FX ADV rising 9.9% to $24.2 billion, this also represents a 1.2% year-on-year increase. 360T is also now reporting NDF volumes and in November ADV was $638 million, up 1.6% from October. Year-on-year data is not yet available for NDFs on 360T, however this sits very comfortably within the broader ADV average for 2021 of $610 million per day.
Finally, Cboe FX reports spot ADV of $35.3 billion in November, this is up 3.2% month-on-month but down 6.1% from November 2020. Firm liquidity on Cboe FX averaged $10.52 billion per day, about 41% of ECN total and 29.8% of all Cboe spot FX activity. The average daily fill rate declined slightly from October – something that is probably a reflection of the increased volatility seen during the month – dropping to 87.39% from 89.28%. November is actually the lowest fill rate for the platform in 2021. Cboe FX’ NDF volumes were $648 million, down by 28.1% from October’s record performance, but more than four times the $161 million handled in November 2020.