PrimeXM, an FX trading industry technology provider, has recorded another month with a trading volume of above the $1 trillion mark. To be precise, the company reported $1.04 trillion in volumes for the month of July.
The figure remains identical with the previous month but climbed 10.67 percent when compared year-over-year. In July 2020, the platform witnessed a total volume of $939.35 billion.
The average daily volume (ADV) for last month came in at $47.26 billion, which echoed the yearly growth, but dropped marginally by 0.12 percent month-over-month. Additionally, the official announcement outlined that the highest trading volume last month was recorded on July 8 when $66.68 billion worth of instruments were traded.
Despite the monthly stagnation in volumes, trade execution improved significantly. A total of 30.64 million trades were executed last month, which is an improvement of 4.47 percent from the figures of June.
London Dominated
PrimeXM offers its services from three primary data centers which are located in London, Tokyo, and New York. As always, the data center located at LD4 London handled most of the trades with $796.11 billion in volume. It executed a total of 22.8 million trades last month. Trading volumes on the data centers in Japan and New York were at $125.01 billion and $118.50 billion, respectively.
Furthermore, the technology provider deployed a fourth data center in Singapore last month, which is hosted at Equinix SG1 and went live in May. However, the company did not disclose the figures related to the new data centers yet.
The official trading update disclosed that more than 26 percent of the total volume on the platform came from trading gold, followed by the EUR/USD pair capturing 13.37 percent. GBP/USD was the second most popular currency pair with $123.68 billion in trading volume.
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