PrimeXM, a provider of FX bridge aggregation and institutional hosting solutions, has revealed strong metrics in terms of average daily volumes and total monthly turnover, but the number of transactions disappointed.
During August 2021, the Swiss-founded technology company reported an average daily volume (ADV) of $48.42 billion, up 2.5 percent month-on-month from $47.26 billion reported back in July.
In terms of total turnover at PrimeXM, the last month showed $1.06 trillion in monthly trading volume, which was slightly higher month-on-month from $1.03 trillion in July 2021. Of this figure, trading on Gold instrument XAUUSD accounted for 27 percent or $292 billion of the overall traded volume.
The total number of trades, however, dropped by nearly 13 percent over a monthly basis, coming in at 27.15 million transactions compared to just 30.64 million in July. Still, the figure was higher 12 percent YoY higher comparing to last year’s 24.25 million trades.
Other business highlights show that EUR/USD and GBP/USD remained the most popular FX pairs with $142 billion and $101 billion in monthly turnover. While EUR/USD retained its spot as the second most traded instrument, US100 index has replaced the Cable being the 3rd most popular asset with $114.4 billion.
London LD4 was the strongest across PrimeXM’s four major data locations with 77 percent of trades that exchanged hands there. This arrived at more than $828 billion in notional value. The three other data centers – TY3, NY4, and newly established SG1 data center – recorded monthly trading volumes of $119.26 billion, $117.82 billion and $11.83 million, respectively.
Taking a year-to-date perspective, the charts indicate a major shift in trading activity which increased 23% YoY compared to last year’s $868.08 billion.
Founded in 2010, PrimeXM’s key business focus is providing aggregation software, low-latency connectivity, hosting solutions, and high-end MT4/MT5 bridging and white labels. The Swiss-based technology company also offers a MetaTrader 5 Gateway low-latency connectivity to over 120 providers of forex and CFD liquidity.
In addition to their primary product XCore, PrimeXM offers hosting services in the most popular data centers used by the FX industry, such as Equinix LD4, NY4, and TY3, which enables clients to house their trading systems and algos in co-location to their execution engine and liquidity providers.
The company’s flagship platform, XCore, offers low latency order routing and pricing engine, giving the institutions the opportunity to connect to a wide range of liquidity providers. Furthermore, XCore is installed in PrimeXM’s infrastructure in Equinix data centers, allowing for the efficient management of the entire brokerage business in a centralized environment.