Thomson Reuters has reported good month-on-month growth in FX average daily volume (ADV), however year-on-year activity is lower.
In June 2016, across all its FX platforms, Thomson Reuters says it handled $93 billion per day, up 9.4% from May – a better performance than EBS, FastMatch, GTX and Hotspot but out-performed by CME and FXSpotStream.
On a year-on-year basis, Thomson Reuters’ ADV is 12.2% down, however June 2016’s data was influenced by the UK referendum on EU membership.
Across all FX products, ADV was $376 billion, 7.4% higher month-on-month and 4.6% lower than June 2016.
NEX Group’s Swap Execution Facility (SEF) went live at the start of this week, the firm announces – it received approval from the Commodity Futures Trading Commission (CFTC) in April.
Registration with the CFTC and the UK’s Financial Conduct Authority (FCA) will allow the SEF to service customers and traders from the US and European Economic Area.
Nex SEF has also received exemption from the requirement to be recognised as an exchange from the Ontario Securities Commission and is therefore approved for servicing customers in Ontario.
CME Group and FX SpotStream have both reported strong average daily volume data.
CME says that ADV in its FX futures and options products was 1,014,000 contracts per day, which Profit & Loss estimates to be in the region of $92 billion of futures and $8 billion in options.
This is 23% higher than activity levels in May and unchanged from June 2016.
Meanwhile, FXSpotStream saws ADV was $20.3 billion, a strong rebound from May’s $17.4 billion.
Although it had this 16.7% month-on-month rise, FXSpotStream did see a slight 2.1% decline in activity from June 2016.
In spite of several spikes in activity during the month, the overall impact on FX volumes in June was minimal with two of the first group reporting seeing a slight increase and two a slight decrease.
NEX Markets says average daily volume (ADV) in spot on its EBS platform was $83.3 billion in June, a 2% increase from May but a 12% decline year-on-year.
CBoE’s HotspotFX reports ADV of $27.9 billion, fractionally down from May’s $28.1 billion and 2.4% down from June 2016
Elsewhere, FastmatchFX, which was recently bought by Euronext, reports ADV of $19.7 billion, a 12.5% drop month-on-month but 20.9% higher year-on-year.
Finally, Gain’s GTX says ADV was $10.8 billion across its ECN and SEF, up 1% from May and up 12% from June 2016.
Thomson Reuters has added 15 new currency pairs to its binary multicast feed for Matching.
Profit & Loss previously reported in October 2016 that the firm was planning to increase update frequencies for Matching real-time market data by up to 10 times to 25 milliseconds.
In phase one of the roll-out Thomson Reuters put USD/CAD, USD/SGD and EUR/USD pairs in the binary feed on May 21, 2017. Then on Sunday it launched phase two, adding the following 15 currency pairs: AUD/USD, AUD/NZD, NZD/USD, GBP/USD, EUR/GBP, EUR/DKK, EUR/NOK, EUR/SEK, NOK/SEK, USD/MXN, USD/CNH, USD/HKD, USD/JPY, USD/CHF and USD/RUB.
GTX has opened a new office in Zurich, to be headed by Antonio (Toni) Fañanas, director, institutional sales, at the firm.
The office is opening as an affiliate of GTX Bermuda Ltd, the operator of the GTX ECN. The affiliate, GTX Switzerland (GmbH), was registered in May.
The new office will support sales to money centre and regional banks, as well as fund managers, according to GTX.
“The opening coincides with strong volume growth on the GTX ECN from regional banks, quantitative and global macro fund managers, as well as the launch of new ECN matching engines in London and Tokyo,” says GTX in a release issued today.
Saxo Bank has signed up to the FX Global Code of Conduct, which is aimed at improving industry standards and promoting best practice among FX market participants.
To emphasise its support for openness and transparency, Saxo says it has published an “Enhanced Disclosure” that provides insight into broker incentive, broker stability, client leverage and performance.
Kim Fournais, CEO and co-founder, says: “We are proud to have been given the opportunity to participate as a member of the Bank of England’s FX Joint Standing Committee in reviewing and drafting this important and unprecedented industry-wide initiative.”
The last platform to report average daily volume (ADV) data, Thomson Reuters, has reported a small 2.2% decline in FX activity in May.
The platform provider says its spot FX activity across its venues was $85 billion per day, down from $87 billion in April and 7.5% lower than May 2016 when it handled $94 billion. Activity in all FX products at Thomson Reuters was $350 billion per day, down 6.5% from April but up a fraction from May 2016’s $347 billion per day.
FastMatch is adjusting its fee structure for trading on the platform resulting in a flat rate for all FX participants using the technology.
In a note on the platform’s website, the firm, which was recently acquired by Euronext, says effective July 1, 2017 it will charge a flat $3 per side to users of its anonymous ECN.
Previously, FastMatch had a tiered pricing system that saw users pay less the higher percentage of daily volume they accounted for on the platform.
The first FX platform providers to report average daily volume (ADV) data indicate May maintained the momentum of the previous months.
Spot FX activity on NEX Markets (formerly EBS) was $81.3 billion per day, up 6.8% from April and 12% higher year-on-year. At CME combined FX futures and options on futures volume was 823,000 contracts per day.
CBoE’s HotspotFX reports ADV of $28.1 billion, a 1.4% increase on April and a very healthy 20% increase from May 2016, while FastMatchFX reports ADV of $22.5 billion, a 18.4% month-on-month increase and almost double May 2016’s ADV of $11.4 billion.
FXSpotStream handled $17.5 billion in May, up 2% from April and 9% from May 2016 and Gain’s GTX reports ADV across its ECN and SEF of $10.7 billion, a 7% drop from April but a 55% increase from May 2016.