PrimeXM reports lower volumes for July as summer lull bites

abdelaziz Fathi

PrimeXM has reported weaker trading volumes for July 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Having hit the $1.17 trillion milestone the previous month, total turnover at PrimeXM took a step back in July, coming in at $1.08 trillion, or 8 percent less than it was in June.

The provider of FX bridge aggregation and institutional hosting solutions revealed an average daily volume (ADV) of $51.74 billion, down 3.1 percent month-on-month from $53.4 billion reported back in June.

A flat growth in PrimeXM’s operational metrics was seen across its Gold instrument, though it retained its top spot as the most traded asset. EURUSD turnover was the 2nd most traded instrument with %17 percent market share followed by the GBPUSD pair.

The US30, otherwise known as the DJ30 derivative contract, took the fourth position (10% of all volume).

Other business highlights show that London LD4 remains the strongest across PrimeXM’s four major data center locations, with 77.5 percent of trades exchanged hands there, more than $837 billion in notional value.

Another $94 billion has passed through NY4, while the data center in TY3 has processed $154 billion. PrimeXM’s newly established SG1 data center has seen more than $1.7 billion in trading activities after 11 months of inception.

PrimeXM’s flagship platform, XCore, offers low latency order routing and pricing engine, giving the institutions the opportunity to ‎connect to a wide range of liquidity providers. Furthermore, ‎XCore is installed in PrimeXM’s infrastructure in Equinix ‎data centers, allowing for the efficient management of the entire brokerage business in a centralized environment.‎

In addition to their primary product XCore, PrimeXM offers hosting services in the most popular data centers used by the FX industry, such as Equinix LD4, NY4, and TY3, which enables clients to house their trading systems and algos in co-location to their execution engine and liquidity providers.

PrimeXM revealed last year that its hosted servers were targeted using ransomware. According to the company, less than 3% of hosted clients experienced difficulties on their trading operations, but its team of engineers managed to quickly restore the servers to their usual performance and correct any issues caused by the ransomware attack.

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