LSEG to New Non-Spot High as FX Platforms Up in September

Alongside the first group of FX platforms to report volume data, all three of 360T, Singapore Exchange and LSEG saw a surge in activity in September, with the latter hitting a new peak for non-spot FX products.

LSEG says its non-spot average daily volume (ADV) was $491 billion in September, beating its previous peak of $479 billion a day in June of this year. This is up 2.95% from August, and up 6.3% year-on-year. Spot ADV across its venues was $118 billion, the sixth highest in the last decade; this is up 18% from August and up 16.8% year-on-year – both slightly underperforming the growth seen by other spot venues.

Having reported its third highest spot ADV earlier in the month, 360T says total FX volume in September was EUR 201.9 billion, up 10.4% and 8.7% respectively. Using a fixed exchange rate, this converts to the second highest ADV in dollar terms for non-spot products at 360T – the platform reported $2.4 billion per day of NDFs earlier in the month. In terms of total volume in euros, it is the third busiest month.

Elsewhere, SGX reports its sixth-highest ADV in contract terms at just over 438,000, this is up 7.6% month-on-month and up 53.3% year-on-year. USD/CNH, SGX’ busiest FX futures contract, saw ADV of 221,310, up 7% from August and up 47% year-on-year, while USD/INR, which is a much smaller contract size, saw ADV of 176,769, up 14.3% and 59% respectively.