FX Volumes Tick Higher in June
Posted by Colin Lambert. Last updated: July 6, 2022
The first group of platforms to report FX average daily volume (ADV) indicate the FX market was slightly busier than May, but significantly so compared to June 2021.
FXSpotStream reports ADV in all FX products of $63.8 billion – the second highest volume to date for the platform after March 2022. This represents a 9.2% increase from May and is up an impressive 29.9% year-on-year. Having broken the $60 billion per day barrier only once previously – in March 2020 as the pandemic hit – FXSS has now surpassed that mark in four months thus far in 2022.
Euronext FX reports spot FX ADV of $23.2 billion, a fraction up on May’s $23.1 billion, but up 19.6% on June 2021, while Deutsche Börse’s 360T notched up $28.3 billion per day in spot activity – a 5.2% increase from May and up an impressive 28.6% year-on-year.
CboeFX also saw activity rise a fraction, hitting $39.7 billion from $39.6 billion the month before, however again there was an hefty year-on-year increase, in this case of 18.9%. Firm liquidity ADV on CboeFX was $11.65 billion, fractionally down on May, but up 22.9% year-on-year. The average fill rate on non-firm liquidity was 87%, slightly up on the 86.79% seen in May , but still below the average of the past year.
CboeFX has also introduced two new measures, as reported last week by The Full FX, in May 92% of the platform’s spot volume was anonymous and the median response time on non-firm liquidity was 10 milliseconds.
NDF Story Mixed
Although both platforms to report NDF data are seeing tremendous year-on-year growth, the story was more mixed on a month-by-month basis. 360T’s NDF volumes, which are largely client-driven, rose 2.4% to $1.054 billion in June, but were up 42.2% year-on-year. CboeFX NDF ADV on its SEF, meanwhile, was $785 million, a dip from May’s $871 million, but up nearly three times on June 2021’s $271 million. 24Exchange, the other platform to report NDF volumes, saw an uptick in activity, reporting ADV of $685 million in June, up from $604 million in June and nearly double activity in June 2021.