CLS FX vols Sep 14: Record vols up $1Trn/day (+21.2%) to $5,940bln/day


Confirming the increased vols seem from the major FX platforms, the FX industry settlement platform CLS, today reported Sept 2014 figures, which saw volumes shoot up by $1trn/day to a new record of $5,940bln/day.

Details from the platform and charts are as follows: Continue reading

Platform FX vols Sept 2014: Strong rebound for all major platforms, led by EBS +38%


FX vols of the major platforms showed solid gains in September, led by EBS which was up +37.9%, Thomson Reuters Spot up +34.6%, and Hotspot up+32.3% in Sept.

Detailed volumes were:

EBS $117.9bn/day in Sept, up +37.9% on Aug, and up +45.2% compared to Sept 13 level of $81bln/day.

Hotspot: $38.2bn/day in Sept, up -32.3% on Aug, and up +33.2% compared to Sept 13 level of $29bln/day.

Reuters total: $418bn/day in Sept, up 17.7% on Aug, and up 33.1% compared to Sept 13 level of $314bn/day.

Reuters Spot: $144bn/day in Sept, up 34.6% on Aug, and up 20.5% compared to Sept 13 level of $120bn/day.

Individual volume figures and charts for the platforms are summarized below: Continue reading

Regional banks upgrading single-dealer platforms to protect and grow market share (according to new research from Celent)


Interesting new research paper from Celent; FX Trading Platforms: Models Converge, and Competition Heats Up, examines trends in the FX markets, the blurring of traditional market structure boundaries, the evolution of Single-Dealer Platforms, and looks at the growing competition between platforms.

Some of the themes the paper are: Continue reading

Fixing the Fix – final report from FSB


The Swiss based Financial Stability Board (FSB), has today published their final report and recommendations for Foreign Exchange Benchmarks, which follows an initial consultative report published in July.

The report sets out a number of recommendations for reform in the FX markets and in the benchmark rates that have been identified as pre-eminent by market participants – in particular, the WM/Reuters (WMR) 4pm London fix produced by the WM Company. These recommendations fall into the following broad categories:

  • the calculation methodology of the WMR benchmark rates;
  • recommendations from a review by the International Organization of Securities Commissions (IOSCO) of the WM fixes – this review is included in the report published today, and is also being published separately by IOSCO;
  • the publication of reference rates by central banks;
  • market infrastructure in relation to the execution of fix trades; and
  • the behavior of market participants around the time of the major FX benchmarks (primarily the WMR 4pm London fix).

Summary of recommendations Continue reading

Platform FX Volumes Aug14: Strong gains for EBS & Hotspot, lackluster for Reuters


All the major FX platforms reported increased volume figures for August, with EBS leading the pack with a healthy 21.1% rise  to $85.5bn/day and some 8.6% up on a year ago, with Thomson Reuters delivering a more modest 3.2% overall gain and Reuters FX spot with a 8.3% gain after the multi-year lows in July, although still down -3.8% compared to a year ago.

This rise in FX volumes is also reflected in CLS settlement system which reported Continue reading

Are regional banks ready to offer mobile trading?


Top tier banks have been offering mobile solutions to their institutional clients for a while now, ranging from research and indicative pricing, through to enabling clients to manage existing and in some cases placing new orders. With early compliance and security concerns having been addressed, banks such as Citi and JP Morgan are providing full mobile click and trade functionality.

But what about regional banks, what is their attitude towards mobile trading for corporate customers?

Here at Caplin, we are certainly seeing interest from a number of Continue reading

Platform FX Volumes July14: Double-digit falls for most platforms


Major platforms have reported July FX volumes, with double-digit falls across the board, with Thomson Reuters (TR) spot vols down -14.5%  to $98.8bln/day – a record low, whilst taken in total all Reuters FX products are down -11.4%, although still up some 7.6% on a year ago. Overall spot volumes across all platforms are down between -16% and -21% compared to a year ago.

This drop in FX volumes is also reflected in CLS settlement system which reported a -13.7% drop in trades submitted to their platform at $4,710bln/day down from $5,460bln/day in June, although still up 5.4% on a year ago, whilst the number of trades submitted for clearing is down -20.2% over the year.

From this month, TR has changed their reporting methodology, reporting aggregated volume for Reuters Matching, FXall and the Thomson Reuters SEF. Only splitting out volumes for FX spot and aggregating all other products covering: forwards, swaps, options and non-deliverable forwards traded on those platforms. FXall volumes shown in previous months post here.

Individual platform volumes are as follows: Continue reading

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