LSEG, 360T FX Volumes Drift, SGX Hits New Peak

Overall FX volumes at LSEG and Deutsche Börse’s 360T drifted lower in July after a big June performance, but were comfortably up year-on-year, while SGX hit a new peak for FX futures and also game a glimpse at its OTC FX volumes.

Having already reported its second highest ever spot FX volumes, 360T saw what is becoming a usual drop from quarter end, with overall FX average daily volume (ADV) of EUR 144.6 billion. This is down 12.2% from what was a record ADV in June, but is up an impressive 24.2% year-on-year. Using a fixed exchange rate, The Full FX estimates this to represent $117.8 billion per day in non-spot products, down 14.9% from June, but up 29% year-on-year. Earlier in the month 360T reported NDF volumes of $1.6 billion, down from 2.2 billion in June.

LSEG FX also saw a drift in July, with spot volumes drifting to $99 billion, down 6.6% from June, but up 1% year-on-year. Again, this is largely in line with other platforms to report, with the exception of EBS, which got a bump from increased activity in JPY and CNH, and 360T.

Non-spot volumes at LSEG also drifted lower, by 3% to $383 billion per day, this is up 13.3% year-on-year, however, and is the second highest ADV since January 2022, only beaten by the previous month. Earlier in the month, FXSpotStream reported a slight rise in non-spot volumes, by about 10% to $28.8 billion per day, and CME’s FX Link, a basis venue for trading FX futures, saw activity drift by 8.6% from June to $4.8 billion, this was a 66.7% year-on-year increase.

Singapore Exchange (SGX) exploited the more volatile conditions in China to boost its USD/CNH FX futures on the way to a new high for the broader FX business at 4.814 million contracts for the month. This is up 7.5% from June and is 44.2% higher than July 2023. USD/CNH futures’ volume was 2.95 million contracts, up 20.9% from June and up 40% year-on-year.

SGX’s second busiest contract, USD/INR, actually saw a decline in activity, falling back to 1.57 million contracts from 1.695 million contracts in June – on a year-on-year basis, however, INR futures volume was up 48%.

Earlier in the month, while reporting its annual results, SGX said that ADV in its OTC FX business, BidFX and MaxxTrader, was $111 billion per day during the first six months of 2024, up 46.6% year-on-year. SGX says the increase was “due to an increase in swaps activities”, although The Full FX understands that both spot and NDF volumes also increased.