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.

FXall: $141bln/day in June a new record high, up 11% on May, and still 14.6% up compared to Jun 2013 level of $123bln/day.

Reuters Matching: $94bln/day in June, up 8% on the $87bln/day in May, but still down -36.1% compared to June 2013 level of $147bln/day.

EBS: $77bln/day in June, up 4.8% on the $73.5bln/day in May 2014, although still down a huge -40.2% compared to June 2013 level of $128.8bln/day.

Hotspot: $27.5bln/day in June, up 6.5% on the $25.9bln/day in May 2014, although still down -25.4% compared to June 2013 level of $36.9bln/day.

FX Platform Volumes Jun 2014

 FX volumes for Reuters, FXall and EBS- June 2014

In terms of the CLS settlement system, increased volumes were reflected in a 13.3% increase to $5.46trn/day, with the average number of transactions submitted for clearing  back over a million/day with a 5.1% increase on May.

CLS settlement Platform Volumes Jun 2014

CLS Settlement system volumes- June 2014

4 Responses

  1. are we comparing apples with apples here? Reuters Matching, Hotspot and EBS are predominately spot venues, FXall also caters for FX Swaps.

  2. Hi James, great point, and thanks for reading!

    Unfortunately, FXall doesn’t split out volumes, so it’s hard to show them as separate.

    If we apply the BofE spot vs Swap ratios, then according to latest BofE semi annual FX survey data, Swaps accounted for 50% of Daily FX volumes compared to only 34% for spot.

    On that basis FXall spot volumes would only be 34% of $141bln = $48bln/day, but I don’t believe it’s anywhere near as low as that!

    Link to bofe data: https://singledealerplatforms.org/2014/01/28/bofe-fx-survey-data-2234blnday-12-down-from-apr-but-11-up-yony-worth-reading/

    If you have access to any better breakdown of their volumes I would welcome seeing them.

    Regards

    Paul

  3. […] below the all time high of 273% set in Oct 08 in the midst of the credit crisis. Recently reported record volumes from FXall certainly confirms the near term strength of […]

  4. […] 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. […]

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