Institutional FX Trading Volume Declines in August 2022, Refinitiv Slips the Most

The trading volumes of leading institutional FX and ECN platforms in August 2022 have been revealed, generally showing an overall decrease, with only one venue reflecting an increase.

The report covers Average Daily Volume (ADV) of institutional FX trading volumes from eight major venues, namely Cboe FX, CLS, Euronext FX, FxSpotStream, Moscow Exchange, Refinitiv, Integral and PrimeXM, as shown in the chart below.

Cboe FX, CLS, Euronext FX, FxSpotStream, Refinitiv, Integral and PrimeXM all reported a decrease in average daily FX trading volumes in August 2022 versus July, with Moscow Exchange reflecting an increase of 15.8 percent.

Overall, Refinitiv has the biggest percent of MoM decrease of 12 percent, followed by CLS and Euronext FX with 8.9 percent and 7.9 percent. Integral, FxSpotStream, PrimeXM and Cboe FX are showing a MoM decline of 5.1 percent, 4.9 percent, 3.2 percent and 2.7 percent respectively.

The detailing trading volumes for each venues are as follows:

Cboe FX

Cboe FX registered registered a total volume of $854.9 billion, a month-over-month jump of 6.6 percent compared to $801.9 billion in July 2022. On a yearly basis, the FX trading demand increased by 34.4 percent from last year's $636.1 billion.

The Average daily volume (ADV) for the month reached $37.2 billion, 2.7 percent lower compared to $38.2 billion in the previous month. August had 23 trading days, compared to 21 in July.

CLS

FX total daily traded volume came in at 1.77 USD trillion, up 6% from 1.67 USD trillion in the last same period, but down 6% from 1.88 USD trillion in the prior month.

Over the same period, FX forward and spot volumes were up significantly on a year basis, by 49% and 17%. While FX swap volumes remained flat.

Euronext FX

The total volume of Euronext's FX came in at $452,344 million, slightly up 0.6% compared to the prior month's $449,861 million and showing a significant increase of 29.9% compared to $348,138 million in the same period last year. The ADV Euronext FX for August was $19,667 million, rising 24.3% on a YoY basis.

FxSpotStream

FxSpotStream had a total volume figure of $1.401 trillion, compared with July's $1.345 trillion. The total figure in the month declined by 4.2 percent when compared with the previous month, while on a year-on-year basis it increased by more than 54 percent.

The average daily volume (ADV) for August came in $60.9 billion, which is an decrease of 4.9% on a monthly basis. On a yearly basis, ADV rose by 47.2% compared to the same period last year.

Moscow Exchange

Moscow Exchange's average daily volumes was $14.7 billion in August 2022, which represents a jump of 15.8 percent compared to July 2022.

Refinitiv

Refinitiv's average daily volumes was $86 billion in August 2022, which represents a decline of 12.2 percent compared to July 2022.

Integral

The average daily volumes (ADV) across Integral platforms totaled $46.3 billion in August 2022. This represents a decrease of -5.1% compared to $48.8 billion in July 2022 and an increase of +4.8% compared to the same period in 2021.

PrimeXM

PrimeXM XCore Community registered total of $1,152.05 billion in August​, which is a 6,02% increase compared to total volume registered in July. The Average Daily Volume (ADV) in August were at $50.09 billion, which is a –3.2% decline on MoM basis and +8.14% YoY increase compared the same period last year.