Matching, EBS, Buck Trend with Lower February Volumes

In contrast to platforms reporting data earlier this month LSEG’s Refinitiv Matching and CME Group’s EBS both reported lower month-on-month average daily volumes (ADV) for February.

Refinitiv says it had spot FX ADV of $91 billion, down from $93 billion in January and, inevitably given the growing mayhem in markets at that time, down 11.6% on February 2020. In spite of the drop, this is the fourth highest ADV for spot at Refinitiv since June 2019. Non-spot activity at the firm also fell, by 7.8% to $366 billion per day – this represents, however, a 5.5% rise year-on-year and is the third highest ADV since March 2019.

EBS reports ADV of $70 billion in February, down from $72.8 billion in January and 22.6% down year-on-year. The platform’s owner, CME Group, earlier this month reported notional ADV in its FX futures and options suite of $78.7 billion, a 6.9% increase from January and down 19.7% year-on-year.CME also says its FX futures and options market recorded its largest ever net long position taken by asset managers of $52.3 billion in EUR/USD.

Elsewhere, Integral ADV hit its second highest ever at $50.4 billion, up 10% from January and also up 26.3% year-on-year. Integral volumes are reported in all products, not just spot.

Earlier this month, FXSpotStream, CboeFX, 360T and Euronext FX all reported month-on-month gains and, aside from the first mentioned, a year-on-year decline.