Cboe’s FX Volume Strongly Rebounds in September

Cboe FX Markets has released its trading volumes on the platform for September 2020, showing a positive uptick in spot traders’ demand.

Last month, the exchange recorded a total foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) trading volume of $702 billion compared to the previous month’s $602 billion, meaning there was a month-on-month jump of 16.6 percent.

Cboe spot FX volumes hit a record high in March going above $1.2 trillion with the Coronavirus-induced market volatility. However, the numbers almost halved in the next month. Despite a healthy rebound in May and June, the trading volumes drastically dropped in the next couple of months.

Cboe’s September figures are significantly robust being the second highest in the last six months, but it is still behind June’s numbers which are $761 billion.

When compared year-on-year, trading in September 2020 is on good form again as last year the exchange recorded only $637 billion for the same month.

The average daily volume on the spot FX exchange remained at $31.9 billion for last month which had 22 trading days.

The Quarter Remained Dull

Apart from the monthly numbers, Cboe released its quarterly trading volume figures as well. In the third quarter of 2020, that is from July to September, the exchange handled $1.99 trillion in trading volume, but that was a 3.3 percent drop from the previous quarter. In Q2 2020, the exchange saw $2.06 trillion in total spot trading volume.

But the latest quarterly numbers are similar on a year-on-year basis with a marginal drop.

Finance Magnates earlier reported that Cboe is launching a new currency Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, Cboe FX Central, that will be similar to CME Group’s EBS and Refinitiv’s Matching.