ICE’s FX volumes drops +40% YoY in June 2023

abdelaziz Fathi

Atlanta-headquartered futures exchange, Intercontinental Exchange, which also operates clearing houses and serves OTC markets, disclosed weak metrics across its FX and credit volumes for June, which averaged 29,000 contracts per day.

Intercontinental Exchange ICE

The figure rose by 16 percent month-over-month from the number of FX contracts in May 2023, which was reported at 25,000. However, the Atlanta-headquartered futures exchange operator registered a 43 percent decrease in FX volumes when compared to 51,000 contracts in June 2022.

The overall financial products, which also include interest rates and equity indices, saw a bleaker performance, having dropped by 19 percent after revealing 2.46 million contracts per day compared to 3.32 million in 2022. In a similar pattern, the figure was up 18 percent over a monthly basis.

ICE operates several FX platforms, including the ICE Forex (FX) exchange, which offers trading in over 60 currency pairs, and the ICE Swap Trade platform, which enables traders to execute FX swaps electronically.

In addition to these platforms, ICE operates the NYSE Arca Options platform, which offers trading in currency options, as well as a suite of data and analytics services that provide market participants with real-time market data, historical price data, and analytics tools.

ICE’s FX business has seen strong growth in recent years, driven by a combination of increased demand for electronic trading and the company’s investment in new technologies and services.

Meanwhile, turnover from ICE’s flagship energy contracts ticked higher in June, according to data released today, reflecting the dynamic nature of the energy market during this period. The rise in turnover comes amid a backdrop of fluctuating energy prices and market uncertainty, which has led to heightened trading activity as investors seek to capitalize on opportunities in this volatile environment.

For the month ending June 2023, the owner of the New York Stock Exchange saw its energy volume average 3.25 million contracts per day, which represents a 12 percent change month-on-month. Across a yearly interval, the latest figures were higher by 26 percent from 2.8 million contracts per day in June 2022.

In terms of ICE’s total commodities volume, the figure was also upbeat in its overall performance, amounting to an average of 4.12 million contracts per day in June 2023, which is up 16 percent vs. 3.55 million for the month prior. Moreover, when measured against June 2022’s reported volume of 3.24 million contracts, the year-on-year growth was also robust.

Overall, ICE’s aggregated volumes were characterized by strong results across the monthly interval, but were broadly down across most business segments on a yearly timetable.

During the reported month, ICE’s June average daily volume (ADV) for futures and options business was reported at 6.58 million contracts per day, which corresponded to an increase of 17 percent month-over-month from 5.65 million per day in May 2023. In addition, this latest figure marks a 5 percent increase over June 2022 which came in at 6.27 million contracts per day.

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