NDF Activity Mixed in August

The three platforms to report NDF average daily volumes had slightly different stories to tell in August with one seeing an increase.

Cboe FX SEF reports a slight uptick in activity compared to July, recording ADV of $1.076 billion per day, up 5.1% month-on-month and up 33.7% year-on-year. This is the second time the platform has recorded back-to-back billion dollar-plus month, it also did so in February and March, the latter being the current peak for Cboe in NDFs at $1.14 billion.

360T saw a small decrease from July, however, reporting $1.39 billion per day in August, down 2.1% month-on-month, but up 7% year-on-year. This is the fourth busiest month in NDFs for the Deutsche Börse-owned platform.

Finally, 24Exchange saw activity decline for only the second time this year, reporting ADV of $1.95 billion. This is down 13.3% from the current peak for the platform in July of $2.25 billion, but demonstrates the continuing year-on-year strength, being more than three times the volume of August 2022 ($604 million per day). It is the third busiest month for 24Exchange in NDFs.