FXSpotStream Hits New Peak as FX Volumes Come Off the Boil in July

FX volumes drifted off their recent peaks in July according to data from the first set of platforms to release average daily volume (ADV) data, however FXSpotStream managed to slightly push its high-water mark, to $64 billion per day in all products, from $63.8 billion in June – its previous peak – and a 33.6% increase year-on-year.

Elsewhere, ADV was reasonably close to average for the year, albeit off from June. 360T reports spot FX ADV of $25.7 billion, a 9.2% decline from June, but up 19.5% year-on-year. Likewise, Euronext FX reports spot ADV of $21.4 billion – which is actually the lowest so far in 2022. This is a 7.8% dip from June but is up 17.6% year-on-year.

CboeFX also saw activity drift lower in July, hitting ADV in spot FX of $38.2 billion. This is a 3.8% drift from June, but is up 16.8% year-on-year. Firm liquidity on CboeFX was $11.34 billion per day, and at 29.7% of all volume this is broadly in line with recent months, albeit slightly lower than in Q1 when volatility drove traders to firm venues.

The average non-firm fill rate on CboeFX was 87%, unchanged from June and astill slightly down on the average of the past 18 months, and the average response time on non-firm liquidity was 10ms, as it in the previous month when Cboe first started publishing such data, and as was also the case last month, when it also started publishing this metric, anonymous volume was 92% of business on the platform.

CboeFX NDF volumes were $876 million per day in July, up 11.6% from June and up 137.4% year-on-year, while 360T saw NDF ADV of $1.308 billion, up 24.1% from June and up 128.7% year-on-year.