Crypto volumes hit $321 million at Swiss bourse in February

abdelaziz Fathi

Switzerland’s principal exchange saw weak trading results in the month of February 2022, with volumes aggregating to CHF 117.4 billion, the weakest print so far this year in terms of both trading turnover and number of transactions.

As volatility dropped to levels below the extraordinary peaks of the previous year, trading activity on SIX Swiss Exchange also stabilized in 2022.

The statistical report shows that trading turnover at the exchange’s venues, including on SIX Structured Products Exchange Ltd, had a combined nominal value of roughly $127 billion, at today’s rates, in February. This figure was down 4 percent from CHF 122.1 billion ($133 billion) in January 2022. Across a yearly interval, the figure was also lower by 9 percent from CHF 128.4 billion in February 2021.

In terms of the total number of transactions, the volumes were numbered at 5.76 million, also a loss of 2.6 percent month-on-month compared to 5.82 million transactions reported for January 2022. Moreover, the exchange’s volume was lower by 20 percent relative to 7.21 million in the same month of last year.

The highest turnover on a single trading day was recorded on 24 February, which saw securities worth a total volume of CHF 8.2 billion changing hands. The highest number of trades was also recorded on the same day, with 458,904 transactions.

SIX remains a poplar destination for crypto listings

The Swiss key bourse noted in the press release that its year-to-date volumes, through end of February 2022, were lower by 10 percent versus the same period in the previous year, coming in at 11.5 million trades. This effect was less apparent in trading turnover which was virtually unchanged over the same period and totalled CHF 239.7 billion as of last month.

The Zurich-based market operator also said that cryptocurrency products hit a trading turnover of CHF 296.4 million ($321 million). In total, 175 products were traded, and 17,735 transactions concluded. The highest turnover and the most transactions were recorded by AETH, an ETP on Ethereum, with CHF 54.4 million and 2,042 trades.

In February, the infrastructure of SIX once again proved popular and reliable, providing the solid bedrock for new crypto listings. Part of this expansion, Europe’s largest digital asset investment firm, CoinShares rolled out a physically-backed exchange-traded product (ETP) for the polkadot cryptocurrency. Fidelity also launched a physical bitcoin exchange traded product designed for sophisticated investors in Europe.

Read this next

Digital Assets

Voyager subpoenas FTX’s inner circle over Alameda loan

Bankrupt crypto broker Voyager Digital, represented by law firm Kirkland & Ellis, is seeking court approval to subpoena Sam Bankman-Fried’s inner circle, as well as Alameda Research’s former executives.

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”

Industry News

HollyWally opens office in Portugal to bring B2B2C wallet-as-a-service platform to Europe

“We looked at a number of centers for startups throughout Europe and were attracted straight away to Lisbon. There is great Government support and enthusiasm for startups, it’s well positioned between our Asian and US offices, it’s a cost-effective city in which to base a fintech and it’s a beautiful place.”

<