The first trio of FX platforms to report FX volumes for October indicate little change from September’s numbers although they were clearly helped by increased activity surrounding the Cable flash crash on October 7.
Bats Hotspot reports average daily volume (ADV) of $25.3 billion, a 10.6% decline from September, while FastMatch FX says its ADV was $13.6 billion, a fraction down from September’s $13.7 billion. Gain GTX handled $8.7 billion per day, up 3.5% month-on-month.
Hotspot and FastMatch can be thankful for a very busy day on October 7, the day of the Cable flash crash, the former handling $37 billion that day and the latter $20.6 billion.
CME, EBS and FXSpotStream have all released October volume data, and, as was the case with the first group to report, the news is very mixed.
EBS says FX volume averaged $83.8 billion in October, 3% higher than September’s $81.7 billion and a fraction higher than October 2015’s $83.1 billion.
Meanwhile the outlook was gloomier at CME Group where the Merc reported average daily turnover of 771,000 contracts in FX products, 5% higher than October 2015 but down 20.4% on September’s data. Profit & Loss estimates ADV at CME in FX products to be $88 billion in notional value across futures and options on futures.
It was a different picture at FXSpotStream, however, where the platform registered $17.1 billion ADV, up 24.5% from October 2015 and also up 10.3% month-on month.
Thomson Reuters and Moscow Exchange both saw relatively flat performance in October compared to September, however both bucked the year-on-year trend at other platforms by seeing a decline over the 12 month period.
Thomson Reuters says it handled spot average daily volume (ADV) of $95 billion in October, a fraction up on September’s $94 billion but 8.6% lower year-on-year. Across all FX products the company’s platforms handled $269 billion, slightly lower than September’s $271 billion but 8% higher than in October 2015.
This continues a pattern this year that has seen Thomson Reuters persistently report lower year-on-year volumes in spot but higher ADV in the broader product set.
Meanwhile, Moscow Exchange says it handled RUB 1,232 billion in October, 1.6% lower from September and 11.7% lower from October 2015.
The first six FX platforms to report volume data indicate a good November for the industry with the US elections driving sufficient volume to more compensate for the traditionally quiet period around the US Thanksgiving Holiday.
Bats’ HotspotFX handled average daily volume (ADV) of $30.4 billion in November including just under $64.5 billion on November 9 following the US poll. It was a similar picture at FastMatch where ADV was a new high for the platform at $17.1 billion.
Finally it was also a very good month for Gain’s GTX, which recorded ADV of $10.3 billion on its ECN and SEF and just over $4 billion on its Swap Dealer.