More Platforms Report FX Volume Decline

CME Group, Deutsche Borse and LSEG’s Refinitiv have closed out the reporting period for July average daily volume (ADV) across their FX businesses, with all three following the earlier group to report with a month-on-month decline.

CME Group says notional ADV across its futures and options product set was $70 billion, as expected this is a sharp decline from June, by 24.5%, the latter being a roll month. More relevant, is CME’s futures and options year-on-year comparison, this was a 2.8% decline.

EBS, which is owned by CME, reports spot FX ADV of $57.4 billion on EBS Market and EBS Direct, the lowest since May 2020, and the third lowest since the platform started reporting ADV at the start of 2007. This represents a 6.1% decline from June and is down 8.3% year-on-year.

The picture was a little different at Refinitiv, in spot terms at least, with ADV of $84 billion across its spot platforms, while this is a 5.6% decline from June, it is up 13.5% year-on-year, although July 2020 was the joint quietest month since the platform started reporting in 2009. Refinitiv’s non-spot FX business also dipped from June, by 7.2% to $337 billion per day, this represents a year-on-year increase of 3.4%.

Deutsche Borse has also reported its full FX data for the month, ADV across all products was EUR 86.9 billion, an 11.1% fall month-on-month, but up 4.8% from July 2020. Taking out 360T spot volumes, which have already been reported (and using a constant 1.15 EUR/USD exchange rate), this means 360T’s non-spot business fell by 13.3% from June, which was its busiest month to date, but grew by 5.4% year-on-year.