Non-Spot Volumes Dip at LSEG FX, 360T

While both venues recorded year-on-year increases in average daily volume (ADV) for spot (LSEG’s Refinitiv saw a small decline from October, while 360T was higher), both venues experienced a month-on-month decline in non-spot products, but had differing fortunes year-on-year.

Deutsche Börse’s 360T reports ADV of EUR 121.4 billion in November, down 2.25% from October, but up a healthy 18.7% year-on-year. Earlier this month it reported that spot ADV was $24.8 billion, using a flat exchange rate for the year, The Full FX estimates that non-spot volumes were $100 billion, a 3.5% decline from October but up 23.1% year-on-year.

Meanwhile LSEG’s Refinitiv reports spot ADV of $96 billion across its platforms – it does not break out data across these venues, a 4% decline from October but up 9.1% year-on-year. In non-spot products, again this is not broken down across venues, LSEG FX reports ADV of $332 billion, it’s second lowest volume marker since June 2020 (it was $327 billion in August 2022). This is a 4.9% decline from October and is down 2.9% year-on-year.