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FX Volumes Lower at Euronext, Cboe and FXSpotStream

Following the slowdown in activity seen at major FX trading venues in October, the institutional ECNs were in a sea of red in November 2019, as currency trading volumes were down even further.

Activity on FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, dropped sharply last month to its weakest in nearly 15 months. The company reported an average daily volume (ADV) of $30.95 billion, which is lower on a monthly basis by -7.2 percent from $33.36 billion back in October 2019. The figure is lowest ADV since August 2018 and is also lower by -13 percent on a year-over-year basis.

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FXSpotStream also saw a notable drop across its total trading volumes in November 2019 after reporting just $650 billion for the month, the lowest reading since July 2018 and also down from $767 ‎billion in October 2019. The difference could partially be explained by fewer working days since November saw a total of 21 trading days, compared with 23 in the month prior.

Fastmatch and Cboe also in the red

The FX trading venue of Euronext has also reported trading volumes for November, which took another step back last month. Euronext FX, formerly FastMatch, is reporting a total of $313 billion that has changed hands during November 2019, representing a 27 percent decline off $429 billion reported back in October 2019.

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The average trading volume metric was also lower on a month-over-month basis, albeit by approximately 20 percent relative to $18.6 billion ADV the previous month.

Cboe’s institutional spot FX platform also reported weak turnover for the month ending November 2019. Cboe FX disclosed a total trading volume of $598 billion, down -17 percent on a month-over-month basis from $728 billion in October 2019‎. In a similar pattern, the figure was lower by 22 percent year-over-year when weighed against $766 billion the previous year.

In addition, the exchange’s institutional FX trading venue saw its average daily trading volumes amounting to $28.50 billion in October 2019, down 10 percent month-over-month from $31.66 billion in September 2019.

On a year-over-year basis, the ADV numbers released by Cboe FX, formerly Hotspot, illustrated weaker performance, falling by -18 percent when weighed against $34.86 billion a year earlier.‎

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