FX Volumes Drift at LSEG FX

Although they maintained recent high levels, average daily volume (ADV) across LSEG FX’ trading platforms drifted slightly in April, in contrast to its peers, who largely saw increases in spot.

Spot FX ADV across the venues operated by LSEG FX was $100 billion per day, the first time it has been at or above that threshold for two successive months since February/March 2023. The represents a 3.8% drop from March, but is up 4.2% year-on-year.

The monthly drop likely reflects LSEG FX’s lack of penetration in the yen, where most other platforms saw a bump thanks to the Bank of Japan intervention at the end of the month. The other primary venue, EBS, saw ADV lift 11.5% from March, thanks to heightened activity in the yen.

In non-spot products, LSEG FX ADV also drifted slightly, the platforms seeing $365 billion, a 1.4% drop from March, and up 0.5% year-on-year. Earlier in the month, those platforms to report volume in NDFs saw a drift lower, the FX swaps data from 360T and CLS is yet to be reported.