Mixed FX Volume Data from Early Reporters

The first group of platforms to report average daily volumes (ADV) offer a mixed picture, with just one managing an increase from June’s levels, although all five were higher year-on-year.

FXSpotStream reports total FX ADV of $104.2 billion, rising above $100 billion after two months below. This is up 4.4% from June and up 12.3% year-on-year. Within this, spot ADV was $68.4 billion, up 2.25% from June and up 6.9% year-on-year, while non-spot volumes on the service hit a new peak at $35.8 billion per day – an 8.8% rise from June and up 24.3% from July 2024.

360T, meanwhile, while largely operating a similar bilateral, disclosed model to FXSS, saw a slight drift lower in July, to $33.4 billion from $33.9 billion in June. This is down 1.5% month-on-month but up 8.4% year-on-year. Average round-trip times (RTTs) on 360T rose slightly to 7.2ms from 6.7ms in June, while the New York matching engine handled 52% of volume (up from 50% in June), while London dropped to 35% and Tokyo was unchanged at 13%.

Notably, at 360T, for the second month in a row, the INR numbers stand out, while EUR/USD and USD/JPY were unchanged at 27% and 10% of 360T volume respectively, USD/INR volume rose to 8% of activity, just behind Cable at 9%, but notably ahead of USD/CNH at 7%.

Elsewhere, Cboe FX reports ADV of $45.6 billion per day, down 5.6% from June but up 2.25% year-on-year. Cboe has started providing volume data in even more depth than previously, most notably in firm and non-firm volumes across its venues. In July on its ECN, $16 billion traded anonymously, with just $133 million semi-disclosed. Non-firm ECN volume was 14.4 billion, with $1.2 billion semi-disclosed. On Cboe FX’ full amount streams, which are non-firm, $11.7 billion was traded anonymously and $2 billion semi-disclosed.

The data includes metals trading, which was $2.1 billon per day. The average response time was 8ms, down from 9ms, while 93% of volume was anonymous and the non-firm fill rate was 91%, going back to highs last seen in May 2024.

Euronext FX also saw volumes drift lower in July, ADV at $25.4 billion, down 8.1% from June and fractionally up (0.4%) year-on-year. The average RTTs were 9.1ms to New York and 16.8ms to London, while 27.3% of anonymous volume was traded on a firm basis. Fill rates were mixed at Euronext, with the Skew Safe streams rising to 82.4% from 81.9%, the Full Amount falling to 94.1% from 95.2% and the Platform fill rate remaining unchanged at 77.2%.

NDFs also Mixed

Meanwhile there were also mixed results on the NDF front, although the overall picture is very steady. 24 Exchange reports NDF ADV of $3.98 billion in July, down 9.8% from June but up 28.5% year-on-year.

Cboe’s SEF handled just over $2.92 billion in June, up fractionally (0.45) from June, but up an impressive 185.5% year-on-year, and 360T, which operates a different NDF trading model to the two other reporters, had ADV of $1.78 billion, up 7.9% from June and up 13.2% year-on-year.