FX Volumes Rebound in June

It was a good end to the quarter for the first group of FX platforms to report volume data with a new spot peak for FXSpotStream and the second highest yet for 360T.

FXSpotStream says it handled $94.8 billion in average daily volume (ADV) across all FX products, a new peak for the service, beating the previous high in April of this year just above $91 billion. This is up 9.7% from May and up 50.5% year-on-year. Within this, FXSpotStream also hit a new high for spot ADV at $68.8 billion, beating the previous high, also in April, of just over $66 billion. On a month-on-month basis, this is 10.3% increase in activity, year-on-year it is +39.6%.

360T also had a strong month in spot, breaching the $30 billion per day mark for only the second time since it started reporting turnover data. At $30.2 billion per day, it remains below the record high from March 2020 at the onset of the pandemic, but is a 14.8% rise from May and is up 12.3% year-on-year.

Round trip times on 360T were steady at 7ms, while the New York matching engine handled 57% of flow, up from 56% in May, while London was unchanged at 31% and Tokyo one point lower at 12%. EUR/USD saw more activity in June of 360T, being 27% of volume, up from 24% in May and the highest since October 2023. Cable, down 2% to 8% and USD/CNH, down one point to 6% saw a decline in influence while USD/JOPY was unchanged.

While Euronext FX failed to beat its April ADV, the platform did report its third highest ADV on record at $27.9 billion – an 8.1% rise from May and up 19.2% year-on-year. Latency levels were steady in June at Euronext FX, while the firm percentage on the anonymous platform was 28.3%, down from 29.3% in May. In terms of fill rates, the Skew Safe streams had a fill rate of 80.6% (82% in May), the Full Amount streams 94.8% (94.9%) and the platform itself a fill rate of 81.7% (81%).

Cboe FX also rebounded strongly in June, and although it didn’t match April’s $50 billion per day, it did see the highest ADV since March 2023 at $47.5 billion. This is up 12.6% from May and is up 8.2% year-on-year. Firm volume also rebounded from the dip in May to $13 billion, returning to the $16 billion level, where it has sat for much of the last nine months.

Latency levels were slightly lower at 8% in June, from 9% in May, and percentage of volume that was anonymous was unchanged at 91%, while the non-firm fill rate drifted one point to 90%.

Landmark NDF Volumes for 360T as Activity Stays Strong

The three platforms to report NDF data also continue to see strong year-on-year growth and there was a landmark for 360T as it breached the $2 billion per day mark for the first time.

360T says it handled $2.2 billion per day in NDFs, up 26.2% from May, which was itself a new high for the platform. This is also a 50.4% year-on-year increase.

Elsewhere, while it did not regain the heights of earlier this year, 24 Exchange moved back above $3 billion per day in NDFs, reporting ADV of $3.1 billion. This is up 15.1% from May and up 57.6% year-on-year, albeit below the peak set in March of just under $3.3 billion per day.

Finally, Cboe says NDF volumes on its SEF were steady in June at $1.136 billion, a slight drop from $1.14 in May. This still represents a healthy 18.9% increase on a year-on-year basis, but remains below recent highs set in November 2023 and March 2024.