FX and Contracts For Difference (CFD) trading provider AxiCorp has announced that it will acquire UK-headquartered One Financial Markets (OFM). The deal is predominantly cash-based, the amount is not disclosed, and will be subject to regulatory approvals, the firms say, adding that the deal is a result of more than 12 months of talks between the two companies. The move also comes amid broader anticipation of further consolidation in the global CFD and FX industry due to upcoming regulatory changes.
The average daily volume (ADV) for spot FX on Thomson Reuter’s platforms was $94 billion in July, down 13.7% from June.
However, this figure compares favourably with July 2017, when Thomson Reuters reported an ADV of $88 billion or spot FX products. It is also consistent with a broader trend amongst OTC platforms last month of volumes being down month-on-month but up year-on-year.
Non-spot FX ADV on the Thomson Reuter’s venues was $304 billion last month, down from $343 billion in June but up from $299 billion in July 2017.
Average daily volumes (ADV) for spot FX trading on Nex Markets was $81.9 billion in July, down 15% from the $95.8 billion reported the previous month.
Although this means that the volumes on the platform compared to July 2017, this in contrast to the other platforms that have already reported their ADV for last month, which were all up year-on-year, although they all reported a similar volume dip month-on-month.
Overall, for the 12 month period ending July 2018, the spot FX ADV on Nex Markets has been $89.7 billion, up 8% compared to the 12 month period ending July 2017.
The first group of FX platforms to report average daily volume (ADV) indicate that activity slowed in July from June, however it remains strong on a year-on-year basis, with all reporting an increase.
CboeFX, formerly Hotspot FX, handled ADV of $33.2 billion, while FXSpotStream handled $27.7 billion, Euronext's Fastmatch FX handled $20 billion (the Fastmatch Tape reported $72.5 billion) and Integral, which reports data on all FX products, as compared to just spot by the other platforms, handled $35.3 billion.
Deutsche Borse says that FX volumes handled by its 360T unit averaged $67.8 billion per day in June, up 3.1% from May and up 5.4% year-on-year.
The data includes all FX trades and as such are not comparable to other venues’ results, however a month-on-month gain was only achieved in June by FXSpotStream and Thomson Reuters. At $67.8 billion, 360T’s ADV in June represents the second highest monthly turnover for the firm according to data that starts in January 2015.
Chief executive John Phizackerley has left his post at TP Icap with immediate effect, the company has announced.
In a statement, TP Icap chair Rupert Robson says, “The evolving landscape is driving up costs across our industry. The acquisition of Icap has given us greater scale to withstand this pressure. The potential for these combined businesses remains extremely compelling and this will be evidenced in the coming years. However, it has become clear that a change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process.”
Data released by Thomson Reuters shows that average daily volume (ADV) in spot FX across its venues rose by just under 2% in June from the previous month. This is in contrast to the other platforms to report volume data, with the exception of FXSpotStream, which also saw a month-on-month increase.
At $109 billion per day, Thomson Reuters’ spot volume in June was the second highest reported since February 2016 – it also represents, as was the case with the other platforms, a hefty year-on-year increase, in this case 10.1%.
In keeping with data released yesterday by other platforms, CME Group and NEX Markets saw a month-on-month decline in average daily volume in June.
NEX says it handled $95.8 million per day in spot FX volume, down 5.4% from May’s $101.3 billion. Year-on-year, NEX is showing good growth, however, up 15% from June 2017.
CME Group says it handled 1,000,000 FX futures and options contracts per day in June, which Profit & Loss estimates to be around $99 million in notional value. This is 9.1% lower than May and unchanged year-on-year.
Data from the first set of trading venues to report their monthly volumes shows that FXSpotStream had its best ever month in terms of average daily volume (ADV), while trading on other OTC FX platforms reporting volumes slowed down slightly in June.
FXSpotStream achieved an ADV record of $30.4 billion in June, a 5.33% increase from the previous record of $28.8 billion set in February 2018.
This represents an 8.22% increase from May’s ADV of $28 billion, and a massive 49.52% increase year-on-year.
IS Prime, part of ISAM Capital Markets, is launching an NDF and forward execution facility within its agency desk.
The firm says its agency execution service leverages its relationships with top tier banks whilst also utilising the technology resources of ISAM’s hedge fund business. It provides mid-tier and smaller banks, hedge funds and voice traders with an anonymous, customised liquidity solution with liquidity from the major market making banks, non-bank LPs and selected ECNs.
“The addition of NDFs and forwards in our agency execution business shows a steadfast commitment to doing all we can to meet our institutional clients’ growing demands,” says Raj Sitlani, managing partner, IS Prime.