Euronext FX’s trading volume hits $600 billion in March

abdelaziz Fathi

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

In terms of its aggregated monthly turnover, Euronext FX reported $600 billion, which is up 20 percent from $500 billion that changed hands in the previous month. Taking a year-over-year perspective, Euronext’s currency turnover was higher by 23 percent from $487 billion reported back in March 2021.

Meanwhile, the average daily volume on the spot foreign exchange market of Euronext stood at $26.1 billion, which is up 4.4 percent compared to February’s ADV of $25 billion. On a yearly timetable, the figure was also higher from $21.0 billion reported back in March 2021.

On a quarterly scale, the average trading volume in Q1 2022 was comfortably above the $24 billion mark, up 14 percent from $21.4 billion in the comparable period the year earlier.

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.

FX business disappoints in Q4

Euronext said 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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