FXSpotStream
released its trading metrics for June 2023 today (Monday), reporting its second
consecutive month of growth in total trading volume following a significant dip
in April. Last month, the total volume recorded by the New Jersey-based
provider of multibank price streaming services for FX spot and swaps climbed 9% month-over-month (MoM) to $1.39 trillion, rising from $1.28 trillion
generated in May.
FXSpotSream Fails to Break through March Peak
In the
latest figure, FXSpotStream reported an increase of 13.5% in its average daily
volume (ADV). This occurred as the daily average rose from $55.5 billion in May to
approximately $63 billion last month.
Also in
May, the total volume had risen 14% MoM to $1.28 trillion, with a
daily average increasing marginally by 0.4% to $55.5 billion. These figures had trailed with 28%
and 17.2% being decreases in total
volume and ADV respectively that were recorded in April.
However, while FXSpotStream’s
latest total monthly and daily average volumes represent a two-month high, they
failed to break past the best performance recorded so far this year: $1.54
trillion in total volume and $66.8 billion in daily average, which were posted in
March.
FXSpotStream’s volumes jumped in the first three months of 2023, only dropping for the first time in
April, Finance Magnates reported.
Spot FX
Market Rises for 2nd Month in a Row
Meanwhile, the two-month consecutive increase
in spot FX volume is not unique
to FXSpotStream, whose European arm recently witnessed a growth of its net profit by
34%. According
to the latest data from Cboe FX Markets, Deutsche Börse’s 360T, and Tokyo
Financial Exchange’s Click365, the demand for institutional forex trading rebounded in June for the second consecutive
month, despite the lower number of trading days seen in May.
In terms of
total volume, while Cboe FX generated $965.4 billion, 360T revealed its figures at $537.2
billion. On the other hand, Click365 posted a trading volume of 28 million
contracts, translating to a MoM growth of 10.4%.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
