FX Volumes Remain Robust In July
Posted by Michelle Hemstedt. Last updated: August 6, 2024
FX platforms had a buoyant month in July as FXSpotStream recorded its second highest activity levels on record while 360T continued to keep its average daily volumes above the $30bn mark. EBS, meanwhile, saw its USD/CNH volumes record the third best day on record.
The figures for July were similar or slightly lower than in June across the board, but platforms managed to eke out year-on-year gains in spite of the slight slackening of activity compared with peak months.
FXSpotStream registered average daily volumes that were 33.7% higher than last July at $64.03bn, which is a 0.3% increase from the previous four weeks.
360T also had a robust month, with an ADV of $30.77bn, a 1.9% increase compared with June and a 7% rise year-on-year. Roundtrip times were largely steady at the 7ms mark, with two days when the average was 6ms and one session with an average of 8ms.The platform’s New York matching engine handled 56% of flows, while London saw 29% and 15% went through Tokyo. The bulk of activity took place in EUR/USD with the pair making up 24% of the total, followed by USD/JPY at 18% and USD/CNH 10% and cable 7%.
EuronextFX had an ADV of $25.18bn, down 9% from the previous month but 7.5% higher than in 2023. Fill rates were at 82.2% for Skew Safe streams, 92.9% for Full Amount and overall 76.9% on the platform.
CboeFX clocked up $44.562bn of volumes in the 23 trading days of July, 1.5% more than last year but 6.2% lower than in June.
CME Group-owned EBS registered average daily net volumes of $61.7bn, up 7% on the month, with activity spiking on the last day of the month as traders reacted to rate announcements from both the Bank of Japan and the Federal Reserve in the US. The platform saw $114.6bn of volumes on the blockbuster day, Paul Houston, the global head of FX at CME Group says, noting that USD/JPY trading surged to $35.5bn on the day.
The platform also saw high volumes in USD/CNH, where volumes were above $26bn on July 25, making it the third largest day on record and the highest daily figure since November 2020.
Across FX futures, options and cash markets, the CME Group saw a notional of $143bn traded on a daily basis in July.
