Continuing a very strong start to the year for institutional FX platforms, pan-European exchange Euronext today reported that February FX turnover shot higher by 35 percent from January, with average daily trading volumes coming in at $23.2 billion.
That marks the best month ever for Euronext FX, formerly FastMatch. On a year-over-year basis, February volumes were also above those reached in the same month a year ago.
In terms of its aggregated monthly turnover, Euronext FX reported a record $441 billion last month, up 23 percent from the $398 billion that has changed hands during January 2020. This figure was also higher 29 percent from $363 billion in February 2019.
The daily foreign exchange volumes had also improved by the same percentage over a yearly basis, up from $18.4 billion in the same month the previous year. The ADV on the spot foreign exchange market of Euronext FX stood at $17.3 billion in January. For the year 2019, the average daily volume at Euronext FX was reported at $18.28 billion, down 9.2 percent compared to the year 2018.
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After several lackluster months, the latest metrics from major institutional spot FX platforms show the FX market has bounced back with hefty jumps in daily trading volumes. This, however, led some retail investors to experience slowness and technical issues related to heavy trade volumes. Due to higher than usual volumes, free trading app Robinhood experienced a system-wide outage at the open on Monday.
Founded as a joint venture by the Swiss bank Credit Suisse and FX broker FXCM in 2012, Euronext FX (formerly FastMatch) provides an electronic currency trading platform mostly for institutional clients such as banks, asset managers and hedge funds. The FX unit of the franco-dutch exchange operator operates an electronic communication network (ECN) for currency trading and has matching engines in New York, London, Tokyo, and Singapore.
FastMatch was acquired by Euronext in 2017 as part of the exchange’s strategy to diversify its top line and extend its proposition to an additional asset class.