New Caplin white paper ‘Trading On The Move’


Caplin Systems has published a new white paper entitled Trading On The Move, which examines the growing demand for, and use of mobile devices in the capital markets.

The paper authored by Patrick Myles, Caplin CTO explores the mobile revolution and looks at how it is being applied to the capital markets.

Drawing on results from a recent Caplin Systems e-Trading survey, the paper identifies current supply-demand imbalances between what the buy-side say they want, and what the sell-side think their clients want, compared to what they currently provide to clients.

Responses from the survey suggested that: 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

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

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

Global FX Volumes: Top six centers, what’s the story?


The major central banks representing the top six FX trading centres have now published their semi-annual FX volume surveys data for April 2014, so what’s the story?

Key findings from top 6 FX centres:

  • Total daily FX vol up 4.3% at $4,530bn/day in Apr 14 ($4,345bn/day in Oct 13), although still down -9.7% YonY
  • Spot vol down -26.6%  YonY, whilst NY spot volume is down even more at -32.2%
  • Top 6 trading centers share of total global FX rose to 85% compared to 80% in 2010 (compared BIS 2013 & 2010 triennial data)
  • Compared to six months ago:
    • London +6.6%, Singapore 7.6% & Canada +9.1%
    • NY -0.6%, Australia -0.9% & Japan -2.6%
  • Compared to a year ago:
    • Japan +4.3%
    • NY -19.5%, London -8.8% , Australia -7.9% , Singapore -5.5% & Canada -5.1%
  • London SDP flows 11% of total (down from 13%) & MDP flows at 13% (up from 12%): SDP/MDP 85% (107% in Oct 13)
  • Canada SDP flows 13% of total (down from 15%) & MDP flows at 8% (up from 7%): SDP/MDP 163% (214% in Oct 13)

Looking in more detail we can see; Continue reading

BofE FX Survey data: FX vols recover in April 14 at $2,758bln/day (+6.6% on Oct 13, and -8.8% YonY) – interesting trends


The Bank of England today released their latest semi-annual FX turnover survey results for April 2014.

Highlights on London FX volumes for April 2014

  • FX vol  of $2,758bln/day, +$171bln/day, which is +6.6% from Oct13 (although still -8.8% YoY)
  • MDP vol of +15% from Oct13 at $362bln/day (+4% YonY)
  • SDP vol -8% from Oct13 at $309bln/day (-16% YonY)
  • Ratio of SDP/MDP vols at new low of 85% from 107% in Oct

Below are full details, charts and some interesting observations on the data. Continue reading

Platform FX Volumes Jun14: Record vols at FXall, with all platforms showing gains


The main OTC FX platforms have now reported their June 2014 volumes.

Volumes up across the board, led by FXall which continues to power ahead delivering a new record volumes of $141bln/day up 11pct on May, compared to more modest gains for other platform ranging from +5% to +8%. In terms of YoY changes, FXall is still the only platform showing gains with a 14.6% gain on Jun 13, whereas all the other platforms are still showing hefty falls ranging from down -25% to -40% on a year ago.

The uptick in volumes is reflected in the CLS settlement platform, which also reported a 13% increase to $5.46trn/day in terms of the value of trades submitted by banks for settlement.

Continue reading

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