The major platforms have now released their Nov 14 volumes, with Reuters showing an overall -7.1% drop in volumes to $347bn/day, with Spot FX down -11%, which is twice as large a drop as the -5.3% drop from EBS announced last week.
Reuters total: $347bn/day in Nov, down -7.1% on Oct, although still up +16.1% compared to Nov 13 level of $298.8bn/day.
Reuters Spot: $120bn/day in Nov, down -11% on Oct, and only up 4.5% compared to Nov 13 level of $114.8bn/day.
EBS $123bn/day in Nov, down -5.3% on Oct, although still up a respectable +54.7% compared to Nov 13 level of $79.5bn/day
Hotspot: $32.8bn/day in Nov, down -4.4% on Oct, and up +10.7% compared to Nov 13 level of $29.6bln/day
EBS Markets and EBSDirect, has now exceeded Reuters Spot FX, for the first time since Feb 2013 (see the red circles in chart below). The recent EBS success driven by strong performance of EBSDirect, their new FX relationship offering. It will be interesting to whether EBS can repeat this success with their third new offering EBS Select, which is an anonymous, segmented, bilateral liquidity pool.
So, it’s all happening at EBS, as last week they announced that the two flagship offerings from ICAP, EBS and BrokerTec will merge to create EBS-BrokerTec, combining FX and Fixed income offerings – this will see new clients and flows being on-boarded to EBS, and new products being offered – interesting times indeed!