Euronext FX Reports 45% Drop in Monthly Volumes for April

Following the boom in activity seen at major FX trading venues in March, the institutional ECNs were in a sea

The FX trading venue of Euronext, which operates the biggest pan-European exchange, has reported trading volumes for April 2020, which came sharply off record metrics it set in March. Euronext FX, formerly FastMatch, is reporting a total of $446 billion that has changed hands the previous month, representing a 45 percent decline from the $814 billion reported back in March 2020.

In addition, the exchange’s institutional FX trading venue saw its average daily trading volumes amounting to $20.2 billion in April 2020, down 45.2 percent month-over-month from $37 billion in the month prior.

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Taking a year-over-year perspective, Euronext’s total currency turnover was up 26 percent from $352 billion in April 2019, while its ADV figure jumped with the same percentage compared to $16 billion a year ago.

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Following the boom in activity seen at major FX trading venues in March, the institutional ECNs were in a sea of red in April 2020. Almost all institutional platforms reported 50 percent drops in their monthly volumes.

FXSpotStream’s trading venue, which hits a record $1.37 trillion in March 2020, reported only $747 billion in monthly turnover during April 2020. Cboe’s institutional spot FX platform, which crossed the $1 trillion milestone in March amid coronavirus-driven volatility, disclosed a total trading volume of $643 billion, down 46 percent on a month-over-month basis.

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.

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