More Platforms See Volume Drift in July

Three exchange group-owned FX platforms followed their peers who reported earlier in the month by revealing a volume dip from June, however all three are comfortably higher year-on-year.

Having reported spot average daily volume (ADV) of $40.4 billion earlier in the month, Deutsche Börse’s 360T says it handled EUR 191.3 billion across all products and platforms in July, this is down 8.1% from June, but up 19.6% year-on-year. It is also the third highest total ADV reported by 360T to date. Using a fixed exchange rate, The Full FX estimates this to represent non-spot volumes of $156.2 billion – this includes previously-reported NDF volumes of just over $2 billion per day.

LSEG also saw a dip from June, reporting spot ADV across its venues of $109 billion. This is down 8% from June, but up 6.9% year-on-year – while other venues probably received a late month boost from intervention in the yen, LSEG’s Matching in particular, does not handle too much in the currency, therefore likely missed out.

Non-spot volumes across the LSWG venues also drifted, by 2.9% from June to $465 billion per day in July, this is up 13.1% year-on-year, and also represents the second largest non-spot ADV reported by the platform.

Finally, Singapore Exchange also saw a dip in activity, reporting a total of 9.28 million contracts in July, representing just over 403,000 per day. On an average daily basis, contract volumes were down 17.5% from June, but up 53.9% year-on-year. CNH futures, SGX’s largest FX contract, saw 180,650 traded per day, down from 237,574 in June, total volume is up 32% year-on-year, however. The second largest product, INR, saw 161,740 contracts per day, down from 186,496 in June, but up 68% year-on-year.