Non-Spot FX Volumes Rise at 360T, Refinitiv

Average daily turnover (ADV) in non-spot FX products remained broadly unchanged in August at 360T and Refinitiv, in contrast to spot markets which largely saw declines.

Having earlier reported spot ADV of $19.1 billion in August, a more than 11% drop from July and August 2020, 360T non-spot ADV was EUR 67.5 billion, down EUR 700 million from July, but up 10.8% year-on-year (using a constant 1.15 exchange rate). Overall ADV in FX at 360T was EUR 84.1 billion, its parent Deutsche Boerse reports.

Meanwhile at Refinitiv, spot ADV was $81 billion per day, a decline of 3.5% from July (significantly less than its rival EBS’ decline), but, bucking the trend somewhat, was 8% up year-on-year.

Non-spot SDV at Refinitiv was $341 billion, coincidentally a rise of $4 billion from both July and August 2020. This does represent the highest non-spot ADV for Refinitiv in the month of August (as it does for 360T, albeit on a smaller sample), which may provide confidence for those seeking greater automation in non-spot FX markets.