Institutional Spot FX Volumes Declined MoM in September


Two institutional spot forex trading venues, Cboe FX and Deutsche Börse’s 360T, have published trading metrics for October, reporting a monthly slump but more robust numbers year-over-year.

Cboe FX reported a total monthly volume of more than $896 billion for the month, along with an average daily volume (ADV) of $42.6 billion. These figures were down by 11.1 percent and almost 7 percent, respectively, from the previous month.

October had 21 trading days compared to 22 in September.

However, Cboe’s total volume and ADV came in more robust year-over-year. It ended last year’s October with a total monthly volume of $717.5 billion and ADV of $34.1 billion, meaning these figures improved by almost 25 percent and 24.9 percent, respectively.

Other Platforms

Another spot FX trading venue, 360T, which dominates Europe, reported a similar trend in trading activities. The platform’s total trading volume for October came in at $499.3 billion, with an ADV of $23.7 billion.

360T witnessed a monthly ADV decline of over 13 percent in October, whereas the figure strengthened by 7.2 percent from the same month of the previous year.

The Deutsche Börse-owned platform also offers forex non-deliverable forwards (NDFs) to institutional traders, which is becoming a popular trading instrument. The total trading volume with FX NDFs for the month came in to be $25.7 billion, down from last month’s $324 billion. The ADV for the month declined by 17 percent.

Like spot FX, the demand for NDFs also jumped yearly by more than 92 percent.

Trading demand in October on Japanese forex derivatives trading venue, Click365, remained almost flat month-over-month with a marginal increase of only 0.4 percent. However, year-over-year demand increased by 46.9 percent as more than 3.6 million FX futures contracts changed hands last month.

Meanwhile, the global forex trading market touched a daily ADV of $7.5 trillion last April, according to the Bank for International Settlements (BIS).

Two institutional spot forex trading venues, Cboe FX and Deutsche Börse’s 360T, have published trading metrics for October, reporting a monthly slump but more robust numbers year-over-year.

Cboe FX reported a total monthly volume of more than $896 billion for the month, along with an average daily volume (ADV) of $42.6 billion. These figures were down by 11.1 percent and almost 7 percent, respectively, from the previous month.

October had 21 trading days compared to 22 in September.

However, Cboe’s total volume and ADV came in more robust year-over-year. It ended last year’s October with a total monthly volume of $717.5 billion and ADV of $34.1 billion, meaning these figures improved by almost 25 percent and 24.9 percent, respectively.

Other Platforms

Another spot FX trading venue, 360T, which dominates Europe, reported a similar trend in trading activities. The platform’s total trading volume for October came in at $499.3 billion, with an ADV of $23.7 billion.

360T witnessed a monthly ADV decline of over 13 percent in October, whereas the figure strengthened by 7.2 percent from the same month of the previous year.

The Deutsche Börse-owned platform also offers forex non-deliverable forwards (NDFs) to institutional traders, which is becoming a popular trading instrument. The total trading volume with FX NDFs for the month came in to be $25.7 billion, down from last month’s $324 billion. The ADV for the month declined by 17 percent.

Like spot FX, the demand for NDFs also jumped yearly by more than 92 percent.

Trading demand in October on Japanese forex derivatives trading venue, Click365, remained almost flat month-over-month with a marginal increase of only 0.4 percent. However, year-over-year demand increased by 46.9 percent as more than 3.6 million FX futures contracts changed hands last month.

Meanwhile, the global forex trading market touched a daily ADV of $7.5 trillion last April, according to the Bank for International Settlements (BIS).



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