FX Volumes Up from January

The first group of platforms to report data indicate activity grew moderately from January, but was more mixed year-on-year.

Deutsche Börse’s 360T reports spot FX volumes of $25.5 billion, up 2.8% from January and up a fraction, 0.3%, year-on-year. Elsewhere, Euronext FX reports average daily volume (ADV) of $20.6 billion, 5.1% up from the first month of the year, but down by 17.6% year-on-year.

FXSpotStream also had a positive February, with ADV hitting $62.9 billion, up 3.8% from January, but off fractionally, again by 0.3%, year-on-year. FXSS reports data across all FX products.

Elsewhere, Cboe FX ADV followed the pattern, hitting $41.9 billion in February, up2.2% month-on-month, but down slightly, by 0.2%, on February 2022. Firm liquidity ADV on the platform was $13.5 billion, the third highest it has been since Cboe started reporting this data at the start of 2020. This represents 32.2% of all FX volume on the platform, of which, 93% was traded anonymously. The average fill rate on non-firm liquidity was 88%, up from the recent average of 87%, and the average response time was 9 milliseconds.

24X Hits Another NDF Peak

Meanwhile NDF volumes were also higher in February, with 24 Exchange hitting a new peak and reporting the highest ADV of the three venues to publish data. The platform says NDF ADV was $1.494 billion in February, 48.2% above January, which was the previous record high – and more than two-and-a-half times that in February 2022. It also hit a single day peak of $1.89 billion.

Elsewhere, 360T NDF SDV was $1.138 billion per day, a slight drop from January (-2.2%) but up 17.8% year-on-year; and Cboe FX NDF volumes on its SEF were $1.03 billion per day – the first time the platform has had a monthly ADV above the one-billion dollar mark. This is 5.6% up on January and 16.1% up year-on-year.