Good News for FX Platforms as Volumes Hit Two-Year Peak
Posted by Colin Lambert. Last updated: April 4, 2022
The first group of FX platforms to report average daily turnover (ADV) had good news with one hitting a new record high and the others setting their highest volume marks since the onset of the pandemic in March 2020.
FXSpotStream recorded another record high in March, achieving ADV of $70.1 billion across all products, a very healthy 11.1% increase from February and an even healthier 28.2% year-on-year increase. This capped off a strong first quarter for the platform, which recorded an average of $62.3 billion per day.
There was good news elsewhere as well, with CboeFX reporting ADV of $44.4 billion, its highest since March 2020 and the second highest since it started reporting data in January 2010. This represents a 5.7% increase from February and is up 15.9% year-on-year. ADV on Cboe’s firm liquidity was also at its second highest level to date at $13.46 billion per day, up 3.1% month-on-month, but up an impressive 28% from March 2021 and just under a third of overall volume. The non-firm fill rate on CboeFX dropped to 86.75%, from 87.82 in February – this is actually the lowest fill rate since December 2020.
It was also the second busiest month for 360T – although the platform only started reporting spot volumes in 2018 – with the venue reporting spot ADV of $28.5 billion, second only to March 2020. This is up 12.2% month-on-month and up 11.8% year-on-year.
Elsewhere in the first group to report it was also a good month for EuronextFX with ADV of $26.1 billion, it’s second highest since it started reporting data at the start of 2013. This represents a 4.4% increase from February and is up an impressive 23.1% year-on-year.
New Peaks in NDFs
With 24 Exchange will to report the news was also good on the NDF front, with both 360T and CboeFX achieving new peaks in activity and the former breaking the billion-dollar barrier for the first time.
360T reports NDF ADV was $1.126 billion in February, up 16.6% month-on-month, and up 73% year-on-year. CboeFX meanwhile reports SDV on its SEF of $957million, a 7.9% increase from February and up almost five times from March 2021 when the platform reported ADV of $197 million.