CME Group has reported robust performance in its June FX volume, marking significant milestones across its futures and options product suite. According to data compiled by The Full FX, June 2024 recorded CME’s third highest average daily volume (ADV) in notional terms since September 2014. The exchange handled 1.382 million FX contracts, translating to approximately $118.4 billion per day in notional value. This figure represents an 11.2% increase over the ADV recorded in March, the last quarterly roll month.
Year-on-year comparisons further underscored CME’s strong performance, with FX futures and options volume surging by 19.6% compared to June 2023. On June 12, CME achieved a new single-day record in FX futures trading, reaching $314 billion amidst market volatility triggered by multiple events. The same day saw record-breaking volumes in AUD, CHF, ZAR, and CNH futures.
Additionally, CME’s FX Link platform set a new high-water mark, averaging $5.25 billion per day in June. This represented a remarkable 116.9% increase year-on-year, boosted by a record-setting day on June 12.
In contrast, EBS, CME’s spot OTC platform, reported mixed results. While average daily volumes rebounded from May to $57.6 billion per day in June, they were marginally lower compared to June 2023. EBS eFix, however, achieved a record month with $6.6 billion in trading volume, contributing to what CME described as a record quarter for the service.
Meanwhile, Singapore Exchange (SGX) experienced varying trends in its FX volumes. Despite a slight decline in ADV to 4.480 million contracts in June compared to May, SGX reported a robust 35.3% year-on-year increase. Key contracts such as CNH and INR saw month-on-month declines but substantial year-on-year growth of 19% and 52%, respectively. SGX also noted record single-day open interest (OI) levels for its busiest contracts during the month.
Overall, CME Group and SGX showcased resilient performance in FX trading for June 2024, navigating market dynamics with notable achievements in volume and records across platforms.
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