The month of July witnessed a notable surge in institutional Forex (FX) spot trading volumes across Asia, the US, and Europe. Leading platforms such as Click 365, Cboe, Euronext FX, and 360T reported substantial growth.
Increased Institutional FX Activity in Asia and the US
In Japan, the Tokyo Financial Exchange’s (TFX) Click 365 platform saw a marked increase in currency trading volumes. July registered 2,747,854 contracts, up 19% from June and 6.2% from the same period last year, with an average daily volume (ADV) of 119,474 contracts. The USD/JPY pair, the most traded, had an ADV of 33,496 contracts, reflecting a 56% increase from June but a 15% decrease from July 2023. The TRY/JPY pair also saw significant growth, with an ADV of 26,431 contracts, a 90% increase both monthly and annually.
In the US, Cboe reported spot FX volumes reaching $1 trillion in July, up from $950 billion in June. Despite the growth, the ADV dropped due to an increase in trading days from 20 in June to 23 in July, resulting in an ADV of $44.5 billion compared to $47.5 billion the previous month.
European Forex Markets on the Rise
European markets also experienced growth. Euronext FX saw total volumes climb to $583 billion, with an ADV of $25 billion, up from June’s $558 billion total volume. Similarly, Germany’s 360T platform reported July FX volumes of over $707 billion, a rise from $634 billion in June, with the ADV increasing from $30.2 billion to $30.8 billion. These figures surpass last year’s performance, where 360T’s ADV was $29.6 billion, and Cboe’s was $43.9 billion.
The consistent increase in trading volumes across these major platforms underscores the heightened activity in the FX market, driven primarily by fluctuations in the Japanese yen and the US dollar.
