PrimeXM reports slightly better trading volumes for May
PrimeXM, one of the largest FX and commodity bridge providers in the world, has announced the trading volumes processed by its bridge during the month of May and the total traded volume was slightly better than compared April 2021.
The company reported that the total traded volume was 941.64 billion for the month of May which was 4.91% higher than what was recorded during the prior month.
The average daily volume came in at 44.84 billion which was better than the previous month by 9.9%. The total number of trades showed a slight improvement of 2.0% when compared to the previous month as it came in at 27.57 million trades for May.
The company also said that Gold(XAUUSD) was the most traded instrument as it had a total volume of $290 billion during May and gold has continued to be so for the past few months. It is a very common commodity that is preferred and traded all across the world and hence the high volumes for it should not be a surprise.
EURUSD and GBPUSD were the next two most traded instruments with a combined volume of $232 billion during the month of May. The month generally sees some slow trading activity and so the improvement in the numbers shows that more traders are returning back to the markets in a full-fledged manner as the pandemic recedes slowly and steadily across the world.
The company also reported that around 76% of its trading volume was done through its LD4 center which we believe is more to do with the way they push the trades and the infrastructure that they have set up at the various data centers rather than any skewing of trading volumes across the world.
It is expected that the trading activity in the FX and commodity markets would continue to be slow for the next couple of months as well as people take some time off for their holidays and then the volume would be expected to start picking up after that.
Apart from the XCORE solution which processes a large number of trades, PrimeXM is also known for its hosting and connectivity solutions as well and it has been able to continue to stay on top of its game over close to a decade due to its constant push to innovate and upgrade its products.