Yesterday, the CME and ICE released surprising December FX trading data that showed both exchanges saw month over month gains even though the overall markets slowed down for the month. Today, the Tokyo Financial Exchange released its December figures for its Click 365 FX products unit. Month over month total contract volume fell 0.3% to 4,078,620, and was 43.6% below the same period in 2011. However, following a large decline in trading earlier in the year (see chart) as a decline in Yen volatility and tax changes that removed a tax benefit for FX futures versus OTC products impacted activity, volumes have been steadily increasing.
For the year, Click 365 volume totaled at 60,459,825 contracts traded which averaged at 232,569 per day and was 55.8% below 2011 levels. The decline in trading was experienced along all forex crosses with no individual product seeing gains in 2012.
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During the month, Yen crosses continued to see an increase in trading as the currency remained volatile following an active November. Notably, USDJPY and NZDJPY trading achieved 33% and 15% growth respectively versus November. A little surprising though was an 18.1% decline in AUDJPY trading which typically is an outperformer in active markets.