Institutional Spot FX Activities Return Mixed Performance in July

Tuesday, 01/08/2023 | 18:53 GMT by Solomon Oladipupo

Cboe FX, FXSpotStream and Euronext FX reported a monthly drop in total volumes.

On the other hand, 360T reported a jump in aggregate volume last month.

Trading activities in spot foreign exchange among institutional investors returned mixed results in July, according to the latest data from Cboe FX, Deutsche Börse's 360T, FXSpotStream and Click 365.

Mixed Performance

In the United States, Cboe FX, a popular spot forex trading platform, handled a total volume of $922 billion, which is a decline of 4% from $965 billion seen a month earlier. However, the average daily volume of spot FX on the platform rose marginally by 0.01% to $43.9 billion, which is up from $43.8 billion.

Earlier in June, spot FX activities on Cboe FX jumped $30 billion higher to reach $965.4 billion. The ADV generated by the platform also grew by $3 billion month-over-month (MoM) during the period. It was the highest value achieved since March this year.

Meanwhile, FXSpotStream, a New Jersey-based provider of multibank price streaming services for FX spot and swaps, produced a result similar to Cboe FX in July. The platform saw its total spot FX volume decrease 1.2% to $1.37 trillion, which is down from $1.39 trillion observed a year earlier. On the contrary, the ADV of the streaming services provider climbed 3.3% from $62.9 billion in June to $63.1 billion.

Unlike America, Finance Magnates’ analysis shows that some trading venues in Europe produced higher results in July. For instance, 360T, one of the continent’s biggest institutional FX trading platforms, reported a rise in its total monthly spot volume. The daily volumes added up to $612.6 billion at the end of July, which is up 4% from $591 billion in the previous month.

However, trading activities on Euronext FX, a top electronic communications network for spot FX trading in Europe, dropped 4% to $492 billion. This is even as the platform, which is operated by Euronext, a pan-European exchange group, reported a drop in institutional demands, with volumes which had dropped from $514 billion a month earlier.

In Asia, FX volumes produced lower results. For instance, a total of 2,586, 333 FX daily futures contracts were traded on Click 365, which is a decline of 6% MoM and 7.9% year-over-year in total monthly volumes. Information on the Tokyo Financial Exchange, which operates Click 365, shows that the platform handled a daily average of 123,162 contracts during the period.

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