Mixed Fortunes for Exchange FX Businesses in February

Continuing the theme from the earlier reporters, FX activity in February was unchanged to slightly down at LSEG FX, 360T and Singapore Exchange, but largely up year-on-year.

LSEG FX says average daily volume (ADV) across its spot venues was $107 billion in February, down 8.5% month-on-month, which is largely in line with other venues, and down 4.5% year-on-year. It was a slightly different story in the non-spot business at LSEG, where ADV was $425 billion, which, while it is down 3.8% from January, is up 4.7% year-on-year.

Meanwhile Deutsche Börse says overall FX volumes at 360T were EUR 183 billion, the third highest thus far for the platform, but only fractionally higher than January. Year-on-year, however, ADV was up 14.1%. Using a fixed exchange rate, The Full FX estimates that non-spot volumes were up 0.6% from January and up 13.3% year-on-year. Earlier this month, 360T reported a small drop in NDF activity and spot ADV slightly down on January but comfortably up year-on-year.

Finally, SGX reports ADV in contract terms of 447,000, up 13.5% from January and up 45.7% year-on-year. In spite of the major Asian holiday in the month, CNH futures at 226,575 contracts per day were up 6.6% from January and up 41.1% year-on-year. The second largest contract – INR – saw ADV of 170,550, up 19.6% from January and up 38.1% year-on-year.