The hot summer months seem to have brought a seasonal cooling in FX trading volumes.
Leading off our monthly coverage of activity at leading Retail and Institutional FX platforms, data from institutional Forex ECN Cboe FX Markets – formerly known as Hotspot FX – indicates that the company saw a 12% decline in average daily volumes from June, $33.2 billion versus $37.8 billion.
The $33.2 billion ADV figure also represents Cboe FX’s slowest month of 2018.
By product, the most-traded pair at Cboe FX in July 2018 was EURUSD at 23.1% of total trading. USDJPY at 15.6%, GBPUSD at 8.8%, AUDUSD also at 8.8%, and USDCAD at 5.9% of total were next in line.
It has been just over a year since Hotspot FX began operating under the corporate umbrella of its new owner, CBOE Holdings Inc. (NASDAQ:CBOE). CBOE acquired control of Hotspot FX via its $3.2 billion takeover of Bats Global Markets Inc at the end of February 2017. CBOE initially rebranded its Forex ECN unit as: Hotspot – a CBOE company. And now, as noted above, it has been re-rebranded as Cboe FX Markets, with the ‘Hotspot’ brand being phased out.