FXSpotStream to New High as FX Platforms Maintain Momentum in February

FXSpotStream has hit another new high in terms of average daily volume (ADV), as the first group of firms to report data indicate that the bump in volumes in January was maintained in February.

FXSpotStream says ADV was $105.2 billion, the fourth time the service has breached $100 billion and more than $3.3 billion higher than the previous top in $101.9 billion. February volumes are up 4% from January and an impressive 45.5% year-on-year, with growth across the board.

Spot ADV was just over $75.2 billion, up 3.1% from January and up 45% year-on-year, while non-spot activity was just over $30 billion, the first time the service has breached that threshold. This is up 5.9% from January and up 46.5% year-on-year and was helped, FXSpotStream says, by record NDF volumes.

Elsewhere, Euronext FX reports spot SDV of $29.4 billion, the second highest in its history. This is up 6.1% from January and up 24.6% year-on-year. Fill rates at Euronext FX were mixed from January, at 80.2% on Skew Safe (79.6% in January); 93% on Full Amount (93.2%); and 74.7% on the platform (74.4%). Round-trip times (RTT) remained steady at 11.6ms and 19.3ms for the New York and London engines respectively, while 27.5% of anonymous volume was firm, up from 26.3% in January, but down slightly from January 2024’s 27.7%.

Cboe FX ADV for spot was $48 billion in February, up just over 1% on January and up 12.7% year-on-year. Firm volume on the platform was unchanged at $16 billion per day, while the average response time was 9ms. The non-firm fill rate was unchanged at 89%, while 92% of volume (also unchanged) was anonymous.

360T was the only platform of the first reporters to see a decline from January, spot SDV on the venue drifting to $33.9 billion, a 7.3% drop from January, but up 22.8% year-on-year. The average RTT fell to 6.55ms, from 7ms, while more activity took place in Asia, with the Tokyo matching engine handling 17% of volume. The New York engine volume was unchanged at 54%, while London saw a dip.

The Asia increase was confirmed with the percentage of volume in USD/JPY rising to 11% from 10%, while CNH was unchanged and EUR/USD and Cable both fell.

NDFs Mixed

Meanwhile, 24Exchange reports a new ADV record for NDFs at $4.21 billion. This is up 10.3% from January and up 70.5% year-on-year.

It was a slightly different story at Cboe SEF and 360T. The former reports NDF ADV of $2.66 billion, which is down 7.1% from January, but up 165.6% year-on-year; while the latter’s NDF ADV was $2.04 billion, down 7.3% month-on-month and up 59.8% year-on-year.