Institutional FX Trading Volume Shows Significant YOY Decline in March
The trading volumes of leading institutional FX and ECN platforms in March have been revealed, generally showing a year-over-year decline.
The report covers Average Daily Volume (ADV) of institutional FX trading volumes from six major venues, namely Cboe FX, CLS, EuronextFX, FxSpotStream, Integral, Moscow Exchange, PrimeXM and Refinitiv.
There was abnormally high trading volume in March 2020 amid the COVID-19 pandemic, resulting in a pronounced base effect for March 2021 and showing significant year-over-year decline.
The detailing trading volumes for each venues are as follows:
The revenue capture for Global FX for the first quarter of 2021 is expected to be in line with the two-month average. Specifically, Cboe Global Markets, Inc. reported its March global FX spot trading volume with $38.462 billions total average daily notional value (ADNV) in 23 trading days, coming in three percent more than it was the previous month.
In the first quarter of 2021, CLS witnessed record average daily traded volumes of USD1.95 trillion. However, this showed a 10 percent decrease in overall volumes compared to the record highs in March 2020, driven by the extreme market volatility relating to the COVID-19 pandemic.
CLS saw average daily traded volumes of USD1.98 trillion in in March 2021, up 1.8% compared to the previous month. In particular, it saw significant increases for USD/JPY and USD/HKD of 15% and 38%, respectively.
Euronext FX’s average daily volumes (ADV) is $21.171 billion in March 2021, which represents a decrease of 3.3 percent compared to February 2021 and an decrease of 42.8 percent compared to the same period in 2020.
In March, FxSpotStream’s total figure came in at $1258 billion, which was higher from $982 billion in the previous month.
February’s average daily volume (ADV) is $54.67 billion, which is higher from $49.60 billion in February 2021 or increased 10.2 percent month-over-month.
Integral reported today average daily volumes (ADV) across Integral platforms totaled $53.6 billion in March 2021. This represents an increase of 6.3% compared to February 2021 and a decrease of 3.6% compared to the same period in 2020.
March 2021 represented the second highest monthly volumes on record for Integral, second only to March 2020 which saw considerable volumes due to the pandemic-induced volatility.
In March 2021, total trading volumes across Moscow Exchange’s markets was RUB 90.4 trln (RUB 98.8 in March 2020).
FX Market trading volume was RUB 31.9 trln (March 2020: RUB 36.3 trln), with spot trades amounting to RUB 10.1 trln and swap trades and forwards totaling RUB 21.8 trln.
The FX Market’s ADTV was RUB 1,449.8 bln (USD 19.5 bln), compared to RUB 1,727.1 bln (USD 23.6 bln) in March 2020.
PrimeXM has recorded a total of $1.06 trillion in monthly trading volume in March 2021 across the 3 major Data Center locations, which represents a 16.3% MoM increase in trading activities.
The Average Daily Volume (ADV) in March was $46 billion. The highest daily trading volume of the month was registered on 18th March with $58.68 billion turnovers. The total number of trades in March was 34.56 million, a significant jump of 20% compared to February.
Turnover in all products including cash, forwards, swaps, options and non-deliverable forwards across Refinitiv were reported at $468 billion in February. Of the February’s total figure, $94 billion was FX spot, representing a $3 billion increase when compared to $91 billion in February 2021.
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