After a period of high volatility, last month saw a significant slowdown in FX markets.
Institutional trading volumes declined across major exchanges globally.
After two
months of significant volatility in the foreign exchange (FX) market, September
brought a noticeable slowdown. The dollar tested over one-year lows, and
institutional investor activity decreased across all markets from Tokyo to
Chicago.
Institutional Spot FX
Volumes Declined in September 2024
Click 365,
responsible for FX futures trading on the Tokyo Financial Exchange (TFX),
recorded a sharp drop in trading volumes of over 33% to 1.9 million contracts.
The average daily volume (ADV) shrank to 92,300 compared to 131,900 reported a
month earlier. Year-over-year, volumes saw a modest increase of 1.1%.
The highest
activity, as in previous months, was observed in futures for the USD/JPY
currency pair. Here, the ADV contracted to 36,900 contracts, down 17%. However,
on an annual basis, the indicator rebounded by almost 13%.
Source: Click 365
A decline
in volumes in September was also noted in the United States, where Cboe spot
volumes fell below $1 trillion to $980.7 billion. Although last month had fewer
trading days than August (21 vs. 22), the ADV still shrank from $49.9 billion
to $46.7 billion.
The entire
third quarter managed to close with better results: total volume reached $3.1
trillion over 66 trading days, compared to $3 trillion in Q2. Compared to the
previous year, there was a significant jump from $2.8 trillion reported in Q3
2023.
Europe Also See Declines
On the
German stock exchange-owned 360T, volumes also contracted in September, with
their total value falling from $682 billion to just under $661 billion.
However, ADV grew modestly, reaching $31.5 billion, compared to $31 billion
reported in August.
Source: Euronext FX
As for
Euronext FX's Fastmatch, the situation unfortunately aligned with the broader
market trend. Total volume reached $579 billion, down from $638 billion the
previous month. ADV returned to $28 billion, similar to July, after rebounding
to $29 billion in August.
The silver
lining is that for all four trading centers mentioned above, year-over-year
results were better. For example, Euronext FX reported a volume of $503 billion
for September 2023, while 360T reported $585.8 billion.
After two
months of significant volatility in the foreign exchange (FX) market, September
brought a noticeable slowdown. The dollar tested over one-year lows, and
institutional investor activity decreased across all markets from Tokyo to
Chicago.
Institutional Spot FX
Volumes Declined in September 2024
Click 365,
responsible for FX futures trading on the Tokyo Financial Exchange (TFX),
recorded a sharp drop in trading volumes of over 33% to 1.9 million contracts.
The average daily volume (ADV) shrank to 92,300 compared to 131,900 reported a
month earlier. Year-over-year, volumes saw a modest increase of 1.1%.
The highest
activity, as in previous months, was observed in futures for the USD/JPY
currency pair. Here, the ADV contracted to 36,900 contracts, down 17%. However,
on an annual basis, the indicator rebounded by almost 13%.
Source: Click 365
A decline
in volumes in September was also noted in the United States, where Cboe spot
volumes fell below $1 trillion to $980.7 billion. Although last month had fewer
trading days than August (21 vs. 22), the ADV still shrank from $49.9 billion
to $46.7 billion.
The entire
third quarter managed to close with better results: total volume reached $3.1
trillion over 66 trading days, compared to $3 trillion in Q2. Compared to the
previous year, there was a significant jump from $2.8 trillion reported in Q3
2023.
Europe Also See Declines
On the
German stock exchange-owned 360T, volumes also contracted in September, with
their total value falling from $682 billion to just under $661 billion.
However, ADV grew modestly, reaching $31.5 billion, compared to $31 billion
reported in August.
Source: Euronext FX
As for
Euronext FX's Fastmatch, the situation unfortunately aligned with the broader
market trend. Total volume reached $579 billion, down from $638 billion the
previous month. ADV returned to $28 billion, similar to July, after rebounding
to $29 billion in August.
The silver
lining is that for all four trading centers mentioned above, year-over-year
results were better. For example, Euronext FX reported a volume of $503 billion
for September 2023, while 360T reported $585.8 billion.
Damian Chmiel is a Senior Analyst & Editor at Finance Magnates with more than 15 years of experience in the CFD and online trading industry. Active as both a trader and journalist since 2010, he focuses on broker coverage, fintech innovation, and regulatory developments across Europe, the Middle East, and Asia.
His work includes interviews with C-level leaders at major brokerages and fintech platforms, as well as co-authoring Finance Magnates’ quarterly industry benchmarking reports. Damian’s reporting is data-driven, market-aware, and grounded in direct industry engagement. His analysis and commentary have also been cited by external media outlets, including Investing.com, Binance, The Asset, Stockhead, and Dispatch.
Education:
MA in Finance and Accounting, Cracow University of Economics
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