FX Volumes Soar in September

The first group of platforms to report FX average daily volumes (ADV) for September have delivered significant increases both month-on-month and year-on-year, with two hitting their highest ADV mark for the year-to-date.

FXSpotStream, which reports ADV across all products has hit another new peak since the service started, at $73.4 billion per day. This is 20.5% higher than August and 51.6% higher year-on-year – it also represents a 4.7% increase on the previous high, set in March of this year.

It was also a good month at Euronext FX, with spot FX ADV of $24.2 billion, a 22.8% increase from August and up 30.8% year-on-year, as well as at 360T, with spot ADV of $27.4 billion, a 19.7% increase month-on-month and a 21.2% increase from September 2021.

Cboe FX also hit a new high for the year at $45.8 billion per day in spot FX – the previous peak for 2022 had also come in March – this is a 23.1% increase from August and is up 33.5% from September 2021. Firm liquidity ADV was $14.31 billion, up 16.8% from August and up 42.3% year-on-year, while the non-firm fill rate remained steady at 87% for the fourth consecutive month. 92% of volumes were transacted anonymously on the platform and the average response time dropped to 7ms in September from 9ms the month before and 10ms when the platform started publishing the data in June.

NDF volumes also rose in September, with 360T reporting a new high for ADV at $1.47 billion. This is a 13.4% increase from August and a 12.6% increase from the previous high in July, it is also significantly higher than September 2021’s $571 million per day.

Cboe FX NDF volumes on its SEF were $990 million per day, also a new peak for the platform, by some 3.4%. This is a 23% increase from August and a 73.4% increase year-on-year.