Euronext FX’s monthly trading volume hits $500 billion in February

abdelaziz Fathi

Euronext, which operates the biggest pan-European exchange, had one of its busiest months across its institutional FX platform in February 2022.

In terms of its aggregated monthly turnover, Euronext FX reported $500 billion, which is up 7 percent from $469 billion that changed hands in the previous month. Taking a year-over-year perspective, Euronext’s currency turnover was higher by 14 percent from $438 billion reported back in February 2021.

Meanwhile, the average daily volume on the spot foreign exchange market of Euronext stood at $25 billion, which is up 12 percent compared to January’s ADV of $22.34 billion. On a yearly timetable, the figure was also higher from $21.9 billion reported back in February 2021.

Year-to-date, the average trading volume in 2022 was comfortably above the $23 billion mark, up 9.5 percent from $21.6 billion in the comparable period the year earlier. In 2021, the volume had jumped to record levels due to frenzied buying and selling activities.

FX business disappoints in Q4

In 2020, Euronext discontinued its FX Tape service, which provided a central reference point for prices of spot FX transactions. Initially launched in 2017, Euronext FX Tape was modelled on similar projects for other asset classes such as equities, and it consists of ECNs, banks and other financial institutions engaged in the FX market to provide a last-sale data feed with price, size and timestamps.

Euronext said last month its fourth-quarter revenues improved to a record €370.1 million, up 60 percent from a year earlier. The exchange operator posted €1.3 billion in 2021 revenue, up 47 percent from €884 million in the previous year. Out of this figure, Borsa Italiana Group contributed €337.7 million after eight months of consolidation.

The pan-European exchange posted €752.8 million in 2021 EBITDA, helping it earn a better-than-expected €413 million in profit for the period, which was up 44 and 31 percent, respectively.

On the FX business front, Euronext reported an average daily volume on its spot foreign exchange market at €19.3 billion for the Q4 2021, down 3.1 percent compared to a year ago. For the full year, foreign exchange turnover was reported at €19.9 billion, lower by 10 percent from €21.4 billion in 2020. The FX division yielded €23.5 million in revenues, down 10 percent from 2020, reflecting lower trading volumes as FX markets recorded lower volatility in the fourth quarter.

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