LSEG and 360T FX Volumes Up in January

LSEG and 360T reported strong year-on-year growth in the FX volumes for January 2025, although the latter did see a drift from its traditional strong quarter-end data in December.

LSEG says spot FX average daily volume (ADV) across its platforms was $99 billion per day in January, up fractionally from December’s $98 billion and also up 5.3% year-on-year. This largely under-performs the earlier platforms to report data, including its peer, EBS, which saw a 19.2% and 20.9% rise respectively from December and January 2024.

The non-spot picture at LSEG was much healthier, its platforms popping above $400 billion for only the second time, on this occasion to $403 billion per day. This is up 3.6% from December and up 11.6% year-on-year.

Meanwhile, Deutsche Börse says total FX ADV on 360T was EUR 156.1 billion in January, down 11.8% from what was a record month in December, but up a very healthy 25.2% year-on-year. Using a fixed exchange rate for comparison, 360T’s non-spot volumes were down 16.7% from December and up 19.8% year-on-year. Earlier in the month, the venue reported slightly higher NDF volumes (by $150 million per day to $2.2 billion) and a strong rise in spot activity.

Elsewhere, Singapore Exchange (SGX) says its FX suite saw record activity for the whole month in INR FX futures to 1.92 million contracts and $44.4 billion notional – a new high. This is up 53% year-on-year and up 8.9% from December.

Overall SGX FX volumes was just over 5.764 million contracts for the month, up 35% year-on-year and up 2.9% month-on-month. It should be noted, however, that accounting for the extra trading day in January, activity was down 1.7% from December, but up 34.9% year-on-year.

CNH, SGX’ biggest FX contract, saw 3.435 million contracts for the month, up 1.6% from December and up 30% year-on-year.