FX Volumes at Euronext, Cboe a Mixed Bag as Volatility Normalizes

Cboe FX disclosed a trading volume of $658 billion, compared with a total of $409 billion changed hands at Euronext

The FX trading venue of Euronext, which operates the biggest pan-European exchange, has reported trading volumes for May 2020, which took another step back off records it hit in March, following an influence of volatility south of the border. Activity at major institutional ECNs has been consolidating over the past two months as intense chaos triggered by Covid-19 lost some steam.

Euronext FX, formerly FastMatch, is reporting a total of $409 billion that has changed hands the previous month, representing a -8 percent decline from the $446 billion reported the previous month and $814 billion in March.

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In addition, the exchange’s institutional FX trading venue saw its average daily trading volumes amounting to $19.5 billion in May 2020, almost unchanged month-over-month from $20.2 billion in the month prior.

Taking a year-over-year perspective, Euronext’s total currency turnover was up three percent from $397 billion in May 2019, while its ADV figure jumped by 13 percentage compared to $17.2 billion a year ago.

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Cboe reports rebound

On the other side of the Atlantic, Cboe’s institutional spot FX platform reported ‎its trading volumes for the month ending May 2020, which saw a ‎slight increase from April’s metrics.

During May, Cboe FX disclosed a total trading volume of $658 billion, up 2.3 percent on a month-over-month basis from $643 ‎trillion in April 2020‎. This figure was even lower by 13 percent year-over-year when weighed against $760 billion in May 2019.

In addition, the exchange’s institutional FX trading venue saw its average daily trading volumes amounting to $31.36 billion in May 2020, up seven percent month-over-month from $29.2 billion in April 2020.

On a year-over-year basis, the ADV numbers released by Cboe FX, formerly Hotspot, illustrated weaker performance, falling by six percent when weighed against $33.0 billion a year earlier.‎

Cboe FX turnover crossed the $1 trillion milestone in March amid coronavirus-driven volatility that has shaken awake previously slumbering FX markets.

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