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