FX Volumes Steady in June

Activity in the FX market remained steady in June, compared to May, but remains off levels seen over the first four months of the year, while still being comfortably up year-on-year, according to data from the first group of platforms to release volumes.

Average daily volume (ADV) on FXSpotStream was $99.8 billion per day across all products, this is up 1.1% from May and up 5.3% year-on-year. The growth was driven by non-spot products, with FXSS report non-spot ADV of $32.9 billon, the second highest it has recorded thus far. This is up 7.2% from May and is up 26.5% year-on-year, and second only to March 2025, when it hit $33.8 billion.

Spot ADV on the service was $66.9 billion, down 1.6% from May and the lowest thus far in 2025 – it was also a rare down month in year-on-year terms for FXSS, drifting 2.8%.

Deutsche Börse’s 360T, meanwhile, reports spot FX ADV of $33.9 billion, up 3.7% from May and up 12.25% year-on-year. Round trip times (RTTs) on 360T were slightly higher at 6.67ms in June, compared to 6.2ms, the previous two months, while New York regained volume share on its matching engine, pushing back to 50% after dropping below in May for the first time since the firm started reporting the data. The London matching engine grabbed 37% of activity, up slightly from May, while Japan dropped from 17% to 13%, slightly below its longer-term average.

Interestingly, on 360T, while EUR/USD remains comfortably the biggest pair at 27% of activity, USD/INR actually matched USD/JPY for its share of activity at 10% – marking a significant push by the platform into this market. Cable was responsible for an unchanged 8% of activity and USD/CNH dropped to its lowest since 360T started reporting the data, at 6%.

Euronext FX spot ADV was just under $27.7 billion per day in June, up 0.55% from May but down fractionally (0.1%) year-on-year. Quieter market conditions helped cut RTTs at the venue to 9.2ms and 17.9ms respectively for New York and London, down from 11.6ms and 19.6ms the previous two months.

Fill rates also rose on Euronext, with the Skew Safe streams at 81.9% (78.5% in May), Full Amount at 95.2% (94.8%) and the platform fill rate at 77.2% (73.8%). 27.7% of anonymous volume was firm on Euronext FX, down from 29.2% in May.

Cboe FX was another to see activity stay steady, spot ADV at the firm was $48.3 billion, up 0.6% from May and up 1.7% year-on-year. Cboe says firm ADV was $17 billion, down slightly from May and that the average response time was 9ms, down from 10ms in recent months. The non-firm fill rate was 90%, up from 89% in May, and 92% of spot volume was traded anonymously.

NDFs Drift Lower

Activity on the NDF venues to report result drifted lower from May, but remains comfortably higher year-on-year. 24 Exchange says ADV in NDFs in June was $4.41 billion per day, down 4.3% from May, but up a very healthy 42.1% year-on-year.

It was a similar picture at Cboe SEF, with ADV at just over 2.9 billion, a 5.3% drop from May, but an impressive 156% rise from June 2024.