FX volumes at Euronext a mixed bag as volatility normalizes

abdelaziz Fathi

The FX trading venue of Euronext has reported trading volumes for April 2022, which came sharply off strong metrics it set in March.

Euronext FX, formerly FastMatch, is reporting a total of $517 billion that has changed hands the previous month, representing a 14 percent decline from the $600 billion reported back in March 2022.

In addition, the Pan-European exchange’s institutional FX trading venue saw its average daily trading volumes amounting to $24.6 billion in April 2022, down 6 percent month-over-month from $26.1 billion in the month prior.

Taking a year-over-year perspective, Euronext’s total currency turnover was up 32 percent from $393 billion in April 2021, while its ADV figure jumped with more than two thirds compared to $17.8 billion a year ago.

Following the boom in activity seen at major FX trading venues over the last three years, the institutional ECNs were in a sea of red in April. Almost all institutional platforms reported double-digit drops in their monthly volumes.

Euronext, which operates stock and derivatives markets in countries such as France, the Netherlands and Belgium, also said its total derivatives trading was down 26 percent. The figure was reported at 14 million contracts a day in April compared to 19.6 in the month prior. It was also down -6.6 percent when weighed against 2021’s turnover of 15.4 million contacts.

Founded as a joint venture by the Swiss bank Credit Suisse and FX broker FXCM in 2012, Euronext FX (formerly FastMatch) provides an electronic currency trading platform  mostly for institutional clients such as banks, asset managers and hedge funds. The FX unit of the franco-dutch exchange operator operates an electronic communication network (ECN) for currency trading and has matching engines in New York, London, Tokyo, and Singapore.

FastMatch was acquired by Euronext in 2017 as part of the exchange’s strategy to diversify its top line and extend its proposition to an additional asset class.

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