Mixed SGX, 360T FX volumes

With LSEG FX yet to report its FX volumes data for July, there was mixed news earlier this month from volume reports published by 360T and Singapore Exchange, with the former’s non-spot average daily volume (ADV) dropping quite significantly in July, while the latter saw a healthy increase.

Deutsche Börse’s 360T says ADV in all FX products was EUR 116.4 billion, a 10.3% drop from June, which was the second busiest month in the platform’s history. This also market the first year-on-year decline for 360T in some time, albeit by just 0.4%, and, using a constant exchange rate, means that non-spot volumes were $91.4 billion per day in July, some 14.1% lower than in June.

At the start of the month 360T reported spot FX ADV of $28.8 billion, a 7% rise from June and up just over 12% year-on-year.

At SGX, meanwhile, average daily volume was 3.34 million contracts in its FX suite, up 0.9% on June, but also up an impressive 32.4% year-on-year. It is also understood that SGX’s OTC FX businesses, BidFX, MaxxTrader and CurrencyNode collectively contributed over $100 billion per day in all products, but the exchange does not publish this data on a regular basis.

SGX says that July notional volume in FX futures was $241.1 billion, which it says it up over 60% on June. Within this, CNH contracts aggregate monthly volume was $210.6 billion and SGX says ADV crossed the $10 billion