FX 2nd tier platform vols Dec 15: Fastmatch (+13%) & Hotspot (+7%) in Dec 15


FX volumes for December across platforms increased, following Fed governor Janet Yellon’s comments on 2nd Dec about The Economic Outlook and Monetary Policy, and the subsequent move to raise the discount rate.

Among the second tier FX platforms, FastMatch vols rose +13% in Dec 15 to $9.5bn/day, following the -6.4% drop in November, and still down -13.7% compared to the Dec 14 level of $11bn/day.

Meanwhile Hotspot vols rose +7% to $24bn/day in Dec 15 (following the -6.4% fall in Nov 15), and down -13.4% compared to Dec 14 level of $27.7bn/day.

Whilst we are still waiting for EBS and Reuters, The CME has released Dec metrics, which show a far larger increase up +24.1% at $110.6bn/day compared to $89bn/day in Nov, although still some -7.5% lower than the $119.6bn/day in Dec 14.

 

2nd tier platform vols Dec 15

Table showing Second Tier platforms: Hotspot, Fastmatch vols for Dec 2015

The charts below show the volumes comparisons between Hotspot and Fastmatch. The bottom chart shows the gap between Hotspot and Fastmatch. It appears to still be in a downtrend channel which started in May 13 (as shown by the dotted parallel blue lines), reflecting a narrowing of the gap between the platforms.

2nd tier platform Chart vols Dec 15Chart showing the gap between Hotspot and Fastmatch spot FX (Hotspot-Fastmatch) vols for Dec 2015

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