PrimeXM has reported mixed trading volumes for August, in line with other institutional and retail platforms that saw the activity of their clients mostly unstable, compared to earlier this year when the coronavirus pandemic stocked unprecedented volatility across varying asset classes.
The provider of FX bridge aggregation and institutional hosting solutions today revealed an average daily volume (ADV) of $41.33 billion, up 1.2 percent month-on-month from $40.84 billion, reported back in July.
Having hit the $1.15 trillion milestone in March and $939.35 billion in July, total turnover at PrimeXM took a step back in August, coming in at $868.08 billion, or 8 percent less than it was the previous month.
The highest daily trading volume of the month was recorded on August 11 with $57 billion turnovers. The total number of trades in August was 24.25 million.
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A notable strength in PrimeXM’s operational metrics was seen across its Gold instrument XAUUSD, which saw its monthly turnover jumping 33 percent to $288.7 billion. This was the highest point of activity for the yellow metal so far in 2020.
XAU/USD accounted for 33 percent of the overall traded volume, followed by major FX pairs EURUSD and GBPUSD whose turnover jumped to $151 billion and $97.6 billion, respectively, in August.
EURUSD took the top position in July (17.92% of all volume), and major US indices also picked up in volume due to volatility in stock markets.
Other business highlights show that London LD4 was the strongest across its three major data center locations, with $660 billion worth of trades exchanging hands there, compared to $102.88 billion in New York and $105.29 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, which enables clients to house their trading systems and algos in co-location to their execution engine and liquidity providers.