Swiss-founded technology company, PrimeXM, a provider of FX bridge aggregation and institutional hosting solutions, saw a rebound in its aggregated trading volumes for November 2020.
In particular, PrimeXM clients transacted a total of $918.9 billion last month, which represents a 2.7 percent increase month-over-month when compared to $894.36 billion back in October.
In terms of its average daily volume (ADV), PrimeXM reported $43.76 billion. This represented a jump of 8 percent month-on-month from $40.65 billion that was reported the previous month. The highest daily trading volume of the month was recorded on November 9 with a $77.8 billion turnover. This figure also marks the best monthly reading on record for the yellow metal so far in 2020.
Other Business Highlights
However, the total number of trades was unchanged on a monthly basis, coming in at 25.07 million for November.
Other business highlights show that PrimeXM’s Gold instrument, XAU/USD, saw a higher monthly turnover at $254 billion in November, which is an increase of 3 percent from a month earlier. The bullion activity saw a record $288.7 billion in monthly volumes back in August.
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XAU/USD accounted for 27 percent of the overall traded volume, followed by major FX pairs EURUSD and GBPUSD whose turnover jumped to $129 billion and $109 billion, respectively, in November.
In line with previous months’ metrics, LD4 was the strongest across its three major data center locations, with $702.60 billion worth of trades exchanging hands there, or 77% of the total monthly trading volume. This compares to $111.40 billion in New York and $104 billion in Tokyo.
Founded in 2010, PrimeXM’s key business focus is providing aggregation software, low-latency connectivity, hosting solutions, and high-end MT4/MT5 bridging and white labels. In addition to their primary product XCore, PrimeXM offers hosting services in the most popular data centers used by the FX industry, such as Equinix LD4, NY4 and TY3. This enables clients to house their trading systems and algos in co-location to their execution engine and liquidity providers.