Platform FX Volumes Dip in December

As would be expected, FX volumes on the first platforms to report data for December show a decrease from November, however three of the four also report a year-on-year dip. In NDF markets, the news was more mixed across the three venues to report data.

FXSpotStream reports average daily volume (ADV) of $42.9 billion, a 16.8% decline from November and slightly up, by 0.25%, year-on-year. FXSS reports volumes across all FX products supported on the platform.

ADV for spot FX on 360T was $20.9 billion in December, a 14.3% decline from November and down 7.5% year-on-year, while on Euronext FX it was $17.7 billion, a 16.5% fall from November and down 11.1% year-on-year.

CboeFX reports spot FX ADV of $29.6 billion, a 16.1% decline from November and down 9.5% year-on-year. ADV on firm liquidity was $9.26 billion, down 12% from November but only fractionally down, by 2.3%, year-on-year. At 31.3% of overall platform volume, this represents the largest percentage of firm volume on CboeFX in 2021. The average fill rate was 87.85%, up from 87.39% in November and up from 86.53% in December 2020.

Meanwhile three platforms are now reporting NDF volumes, Cboe SEF says it handled $637 million in December, slightly down from $648 million in November, but significantly higher than the $94 million per day reported in December 2020.

Elsewhere, there were varying fortunes for 360T and 24Exchange, the latter seeing a slight dip in NDF ADV from $379 million to $295 million, the former reporting $791 million per day, up from $638 million in November – neither platform was reporting data in 2020.