FX Platforms Dec 15: Reuters and EBS almost unchanged in Dec 15, whilst The CME showed strong 24% gain.


The top-tier FX platforms have now released their Dec 15 FX vols.

In terms of Spot FX vols, Reuters and EBS are barely changed, with Reuters +1.1% at $91bn/day, whilst EBS -0.9% at $74.8bn/day. However, in terms of other products, Reuters showed an +8.8% rise in other product vols, including NDFs and swaps (on their SEF) to $246bn/day.

However, The CME Group, had a great end of year, with a strong +24.1% gain in all FX product vols in Dec to stand at $110.6bn/day ($89bn/day in Nov 15). Although given that it’s Dec, we can’t really read too much into year-end figures.

1st tier platform vols Dec 15Table showing Top Tier platforms: Reuters, EBS and CME Futures vols for Dec 2015

If we look closer at Reuters: Chart below shows Reuters Spot, Other volumes (which includes SEF swaps as well as NDF and FX Options vols) and total vols.

Looking at the YoY changes as shown in the table above, it’s interesting to note that whilst Reuters spot vols are down-14.2% compared to the $106bn/day in Dec 14, the Reuters Other vols are almost unchanged at $246bn/day compared to the $244bn/day in Dec 14, indicating stable market share in products other than spot.

Thomson Reuters FX Average Daily Volumes ($ Billions)

Reuters Monthly FX vols for Spot, Other and total vols Dec 15

 

Turning back now to comparing major platforms, below are two charts showing performance of the platforms.

1st tier platform Chart vols Dec 15

Charts showing relative performance of Reuters and EBS and The CME Dec 15

Reuters-EBS Difference: Looking at the differential that we track between Reuters-EBS (red line) in chart below, in Dec the differential increased (in favor of Reuters) from $14.5bn/day to $16.2bn/day an increase of +11.7%.

If the red line breaks below the rising dotted black line, then it would signal a strengthening of EBS relative to Reuters, so let’s see how that develops in the new year.

Reuters - EBS difference Charts Dec 15

Chart showing the gap between Reuters and EBS spot FX (Reuters-EBS) vols for Dec 2015

Second tier platforms (Fastmatch and Hotspot reported Dec vols last week, here)

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