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Foreign Exchange

FX trading venues post second monthly fall in volumes

Foreign exchange volumes on major trading exchanges were down in November, the second consecutive monthly fall, according to company statements.

A daily average of 811,000 contracts was traded at the CME Group during November, down 12.5% from last month and a year on year decline of 16% when an average 964,000 contracts changed hands each day in November 2010. The average daily notional value of FX transactions also fell 13% to $106 billion. Monthly volumes on the InterContinentalExchange, home of the benchmark US dollar index, also fell by a similar proportion last month as volatility receded and interest in using the dollar index as a hedging tool fell.

The average daily volume of all FX futures and options contracts traded at ICE was 30,478 in November, representing a month on month decline of 14.3%. This was also 5.7% lower than the same period a year ago.

Meanwhile, spot volumes on Thomson Reuters’ main trading platforms were also down for the month of November, though by a smaller margin.

Average daily volume was $150 billion, a 3.3% decline over last month’s figures though a 2% gain year on year.

“Our FX volumes for November show a flattening in volumes as we would expect at this time of year although there is still a slight 2% increase year on year. The continual theme of the month was risk aversion, as negative news from the eurozone pushed risk-asset volumes lower,” said Jas Singh, Global Head of Marketplaces at Thomson Reuters.

ICAP’s November volumes will be posted in coming days which EuromoneyFXnews will report here.

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