PrimeXM Reports a Dip in October Volumes

FX technology provider, PrimeXM a decrease in monthly trading volume in October across 3 major data center locations. The company reported a monthly trading volume of $894.36 billion in October as compared to $936.97 billion in
The number reported represents a 4.55% monthly decrease in trading activities. Though, the Average Daily Volume (ADV) in October stood at $40.65 billion as compared to $42.59 billion in September this year. Additionally, PrimeXM recorded the highest daily trading volume of the month on 28 October with turnovers of $58.16 billion.

The total number of trades reported in October was 25.07 million, which is down from 27.29 million in September, a decrease of 8.14% on the monthly basis. Moreover, the company’s data center located in London (LD4) accounted for 76% of the total monthly traded volume.
PrimeXM reported multi-month in August when the company recorded $868 billion in monthly trading volume. Although the numbers jumped significantly in September, it experienced a dip again in October. A similar pattern can be identified for PrimeXM throughout this year as the technology provider has seen highs and lows in 2020.
Top Traded Instruments
Gold has remained PrimeXM’s most popular trading instrument in October with a total trading volume of $245 billion. Furthermore, gold represented more than 27% of the overall monthly trading volume at PrimeXM. The company’s monthly turnover of gold in October was higher compared to September 2020. In terms of currency pairs, EUR/USD remained the most popular FX pair with a trading volume of $132 billion in October. GBP/USD came at the second spot in FX pairs with nearly $109 billion in monthly trading volume. Thus, the company expects Gold and EUR/USD to lead the trading volumes in the coming months as well due to market volatility.
Founded in 2010, PrimeXM’s primary focus is to provide cutting edge aggregation software, ultra-low-latency connectivity, institutional grade hosting solutions, high-end MT4/MT5 bridging, and white labels. According to the company, more than 250 financial institutions globally choose PrimeXM as their technology partner.