Refinitiv FX volumes hit fresh yearly low in May

abdelaziz Fathi

Refinitiv, the former Financial and Risk business of Thomson Reuters, today reported that the average daily volumes (ADV) of currency trading were $424 billion last month on the company’s main FX trading services.

December’s ADV figure is the lowest in five months, namely since currency volumes bottomed out at $403 billion in December 2022.

Foreign exchange trading volumes across Refinitiv Matching and FXall platforms were down -7.6 percent from $459 billion in April 2022. The figure was also down -2.1 percent from $433 billion in May 2022, and also reflects a 10.5 percent drop from March’s yearly high.

Spot FX volumes at Refinitiv, still partly owned by Thomson Reuters, were reported $90 billion, representing a 6.3 percent drop over the monthly interval when compared to $96 billion in April 2022. On a yearly basis, the spot turnover failed to best its counterpart of May 2022, which came in at $97 billion.

Weaker activity in other transaction types, including forwards, swaps, options and non-deliverable forwards (NDFs), contributed to the monthly drop, having clocked in their worst month since December. The figure averaged $334 billion daily, which is down 8 percent from $363 billion in the previous month.

Refinitiv’s figures reflect the trend observed in the monthly figures from many of the major trading platforms which have seen record-breaking volumes in the first quarter before turning to suffer lackluster activity.

Refinitiv is a global provider of financial market data and infrastructure, serving over 40,000 institutions in over 190 countries.

In addition to its trading platform, Refinitiv’s FX business also offers a suite of analytical tools and data services, including Refinitiv Eikon, which provides real-time news, market data, and analysis, and Refinitiv Dealing, a platform for interbank trading. Depending on their business model and market conditions, Refinitiv Elektron offers partners an ultra-low latency order routing and pricing ‎engine, also giving the institutions the opportunity to ‎connect to a wide range of liquidity providers. This includes cross-asset market and pricing data, providing 9 million prices updates per second over 84 million instruments and 2.5 terabytes of real-time pricing daily.

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