SGX, 360T, LSEG FX Volumes Drift in May
Posted by Colin Lambert. Last updated: June 17, 2024
As was the case with the other platforms to report FX turnover, May was also a quieter month for 360T, LSEG FX and SGX, although non-spot volumes were steady from April, holding onto annual gains.
Deutsche Börse says total FX volume on 360T was EUR 139.2 billion in May, down 2% from April, but up 9.5% year-on-year. The decline was in spot volumes, earlier this month 360T reported an 11.7% decline from April, much in line with other venues. Using a fixed exchange rate, this equates to a small rise in non-spot volumes, likely to have been made up of higher NDF activity – also earlier this month, 360T reported a 6.4%, or $100 million per day, increase in NDF volume.
Elsewhere, LSEG FX reports non-spot average daily volume (ADV) of $362 billion per day, a fraction down from $365 billion in April, but up a healthy 8.4% year-on-year. In spot FX, LSEG matched the month-on-month decline of other platforms – activity fell by 7% to $93 billion per day – but was also up year-on-year, by 3.3%.
Finally, it was also a steady month for Singapore Exchange, with SGX reporting average daily volume of FX contracts of 4.742 million, fractionally down from the 4.793 million in April, but a 61% year-on-year increase. There were mixed fortunes for the two largest contracts on SGX, CNH, the largest, saw ADV drop to 2.617 million in May from 2.824 million in April, it was up 47% year-on-year, while INR futures ADV was 1.739 million, up from 1.588 million in April and a 74% increase from May 2023.