Institutional FX Trading Volumes Recovery in September, Refinitiv Has the Biggest MoM Increase

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

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

Cboe FX, CLS, Euronext FX, FxSpotStream, Refinitiv and Integral all reported a jump in average daily FX trading volumes in September 2022 versus August, with Moscow Exchange reflecting a decrease of 17.7 percent.

Overall, Refinitiv has the biggest percent of MoM increase of 30.2 percent, followed by CLS and Cboe FX with 26 percent and 23 percent. Euronext FX, FxSpotStream and Integral are showing a MoM increase of 22.8 percent, 20.5 percent and 10.6 percent respectively.

The detailing trading volumes for each venues are as follows:

Cboe FX

Cboe FX registered a total volume of $1.0083 trillion, a month-over-month jump of 17.9 percent compared to $854.9 billion in August 2022. On a yearly basis, the FX trading demand increased by 33.6 percent from last year's $754.6 billion.

The Average daily volume (ADV) for the month reached $45.8 billion, 23.3 percent higher compared to $37.2 billion in the previous month. September had 22 trading days, compared to 23 in August.

CLS

CLS' average daily traded volumes reached USD2.04 trillion in September, rising 11% from USD1.83 trillion in the last same period.

Specifically, FX spot and forward volumes grew 24% and 21% on a year basis to USD0.54 trillion, USD0.14 trillion respectively. Besides, FX swap volumes registered slight increase to USD1.36 trillion.

Euronext FX

Euronext's FX volume for September came in at $532.8 billion, which is an increase of 17.8% percent compared to the prior month's $452.3 billion. Additionally, it represented a yearly increase of 30.6 percent from $407.8 billion, which was witnessed in the same period last year.

As a result, the average daily volume (ADV) for the forex market in September was $24.2 billion, another rise on a monthly basis of 23.1 percent compared with August's number of $19.7 billion. On a yearly basis, the ADV FX volume increased by 30.6 percent from $18.5 billion in the same period last year.

FxSpotStream

September's ADV of USD73.351 billion is a 20.45% increase MoM over August's ADV of USD60.898 billion and a 51.7% increase YoY when compared to last September, completing what has been the highest volume quarter in the company's history. In Q3 2022, FXSpotStream supported USD4.359 trillion, with a Q3 ADV of USD 66.048 billion.

Year to date (Jan-Sep), in 2022 FXSpotStream has supported USD 12.322 trillion, with an ADV of USD 63.192 billion during that period – an increase of 30.37% when compared to the same period last year (Jan-Sep).

Moscow Exchange

Moscow Exchange's average daily volumes was $12.1 billion in September 2022, which represents a decline of 17.7 percent compared to August 2022.

Refinitiv

Refinitiv's average daily volumes was $112 billion in September 2022, which represents a jump of 30.2 percent compared to August 2022.

Integral

The customers' average daily volumes (ADV) across Integral platforms totaled $51.2 billion in September 2022​. This represents an increase of 10.6% compared to $46.3 billion in August 2022 and an increase of 14% compared to the same period in 2021.