FX Platforms Jan 16: Top tier FX platforms report strong gains, led by EBS +37%

The top-tier FX platforms have now released their Jan 2016 volumes.

In terms of Spot FX, all the major platforms delivered strong performances:

  • EBS +37.7% to $103bn/day ($74.8bn/day in Dec 15), still down –1.7% compared to Jan 15 level at $104.8bn/day
  • Reuters spot+35.2% to $123bn/day ($91bn/day in Dec 15), +16% compared to Jan 15 at $106bn/day
  • The CME +9.4% to $121bn/day ($111bn/day in Dec 15), up +1.1% compared to Jan 15 level of $120bn/day

In terms of other products, Reuters showed a smaller +3.3% rise in other product volumes, including NDFs and swaps (on their SEF) to $254bn/day.

The CME Group, whilst up, had a smaller rise compared to the +24.1% gain in FX product volumes in Dec, which was partly due to rolling of contracts.

1st tier platform vols Jan 16

Table showing Top Tier platforms: Reuters, EBS and CME Futures vols for Jan 2016

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

Reuters FX Vols Jan 16Reuters Monthly FX vols for Spot, Other and total vols Jan 16

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

1st tier platform Chart vols Jan 16Charts showing relative performance of Reuters and EBS and The CME Jan 16

Reuters-EBS Difference: Looking at the differential that we track between Reuters-EBS (red line) in chart below, in Jan the differential increased (in favor of Reuters) from $16.4bn/day to $20bn/day an increase of +23.5%.

At the moment, the red line is climbing up the rising dotted black line, but should it break below the line, it would signal a strengthening of EBS relative to Reuters.

Reuters - EBS difference Charts Jan 16

Chart showing the gap between Reuters and EBS spot FX (Reuters-EBS) vols for Jan 16

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

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