FX Platforms Feb 16: Top tier FX platforms reported drop in volumes, led by Reuters spot down -10%


In terms of Spot FX, all the major platforms delivered lower results in Feb 16.

  • EBS -1.2% to $102.6bn/day ($103.8bn/day in Jan 16), up +9% compared to Feb 15 level at $94.1bn/day
  • Reuters spot -9.8% to $111bn/day ($123bn/day in Jan 16), -2.6% compared to Feb 15 at $114bn/day
  • The CME -1.7% to $119bn/day ($121bn/day in Jan 16), up +26.1% compared to Feb 15 level of $94bn/day

In terms of other products, Reuters showed a smaller -3.5% fall in other product volumes, including NDFs and swaps (on their SEF) to $245bn/day.

1st tier platform vols Feb 16

Table showing Top Tier platforms: Reuters, EBS and CME Futures vols for Feb 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 Monthly FX vols for Spot, Other and total vols Feb 16

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

1st tier platform Chart vols Feb 16

Charts showing relative performance of Reuters and EBS and The CME Feb 16

Reuters-EBS Difference: Looking at the differential that we track between Reuters-EBS (red line) in chart below, in Feb the differential dropped dramatically (in favor of EBS) from $20bn/day to $8.4bn/day a drop of -58%.

The red line has now broken through the rising dotted black (support) line, signaling a strengthening of EBS relative to Reuters.

Reuters - EBS difference Charts Feb 16

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

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

2 Responses

  1. Paul –

    Do you know if Curex Group publishes any ADV figures for its ECN (which publishes completed trades to a FTSE index)?

    Kind regards, Richard

    Richard Estes Managing Director Foreign Exchange BNY Mellon Markets Group 101 Barclay Street, 3rd Floor New York, NY 10286 T +1-212-815-4799 richard.estes@bnymellon.com

    • Hi Richard.

      Good to hear from you, and thanks for reading the blog.

      Unfortunately I haven’t seen and can’t find on the web any volume figures relating to trading on Curex ECN.

      I could ask, but typically lack of published figures usually implies lower than expected ADV.

      Kind regards

      Paul

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