LSEG FX, SGX to New FX Volume Highs, 360T Near Peak

Following strong numbers from earlier reporters, there was more good news from platforms, with SGX hitting a new peak of its FX futures, LSEG FX for total FX volume, and 360 coming in just shy of its previous peak.

Having already reported spot average daily volume (ADV) a fraction below March 2020 at $36.8 billion, Deutsche Börse says overall FX volume on the platform was EUR 175.5 billion – a new high for the firm. This is up 9.4% from February and up 20% year-on-year – it is also just below the peak set by the firm in December 2024 at EUR 176.9. The bulk of the volume was executed in FX swaps and forwards given how NDF volumes at 360T drifted slightly lower, using a fixed exchange rate to take out the spot component, non-spot ADV was 9.6% and 19% higher respectively.

LSEG FX also got a good boost, reporting spot ADV of $119 billion across its platforms, the highest it has been since March 2020 and the onset of the pandemic. This is up 6.3% from February and up 14.4% year-on-year, largely in line with increases seen elsewhere. Adding in non-spot volumes however, LSEG FX’ platforms combined appear to have hit a new high at $544 billion, above the March 2020 level of $540 billion.

At $425 billion, not-spot activity at LSEG is at its highest level since the firm started reporting data, beating the $419 billion from September 2024, this is up 4.7% from February and up 14.9% year-on-year.

Finally, it was also a good month for SGX, which hit a new high for FX futures contracts traded at 6.563 million, working out to 312 million per day, also a new high. CNH as is often the case at SGX, drove the rise, the firm reporting 3.621 million contracts in March, up from 3.2 million in February and up 37% year-on-year. INR futures actually drifted lower, to 2.44 million from 2.47 million in February, but were up 80% year-on-year. Overall FX volume at SGC rose by 53% in contract terms.