NDF Volumes on the Rise

January was a busy month for the two ECNs that report NDF volumes, with both around the billion dollar per-day mark.

24 Exchange surpassed the billion-dollar mark for the first time in its history, averaging $1.008 billion per day in the first month of 2023. This is not only 60.8% higher than December, but is up 151% on January 2022. It marks a good start for the platform to the year, in 2022 it averaged $663 million per day, although both October and November were closer to the billion-dollar mark.

Elsewhere, Cboe FX reports that average daily volume on its NDF SEF was $975 million per day, the second highest since it started reporting data. This represents a 40.5% increase from December and is 32.5% higher than January 2022. Through last year Cboe FX averaged $835 million per day.

The news was a little more mixed for Deutsche Börse’s 360T, although it too saw both month-on-month and year-on-year increases. 360T says it handled $1.16 billion per day in January,  a 20.6% increase on December, and up 34.7% year-on-year. This makes it the busiest January since the platform started reporting data, with activity very much in line with the 2022 average of $1.1 billion per day.