Thomson Reuters FX volumes rose slightly in August from July, while 360T’s – which now include Gain GTX turnover – fell slightly. Both were up year-on-year. Last week Thomson Reuters reported average daily turnover in all FX products of $403 billion, compared to $398 billion in July – this represents a 9.8% increase year-on-year.
Spot FX ADV at TR across its platforms was unchanged month-on-month at $94 billion, however it was up 14.6% higher than August 2017.
Deutsche Boerse’s 360T business line meanwhile, reports ADV of EUR 68.6 billion in all FX products, a 4.2% decline from July.
Thomson Reuters has introduced Trade Performance Analytics (TPA) for FXall users, a new analytics solution aimed at helping FX traders assess the quality of their trade execution, identify new opportunities to improve performance, and demonstrate best execution to their stakeholders.
In a release issued today, Thomson Reuters says that the launch of TPA was driven by the growing sophistication and adoption of analytics to drive decision making amongst FX market participants. The firm says that some of the benefits of TPA are that it will allow users to assess the quality of their historical execution, conduct like-for-like comparisons of liquidity providers and make better informed trade planning decisions.
Sucden Financial has partnered with FairXchange, to provide its e-FX clients and partners with independent analysis of execution performance.
FairXchange is a data science firm specialising in microstructural analysis. It will supply Sucden with its Horizon platform, which provides users with tools to manage their e-FX businesses.
Wayne Roworth, co-head of e-FX at Sucden, says: "Partnering with FairXchange has enabled us to further enhance our client offering, as we remain at the forefront of innovation in our space. The need for transparent, independent data on performance has never been greater; it informs discussions with our clients and valued liquidity partners, as well as giving us unparalleled insight into our own business.”
The second group of venues to report data indicate a similar pattern to the first, with NEX Markets and CME Group up month-on-month and Integral down – all were up on a year-on-year basis.
NEX Markets says average daily volume (ADV) in spot FX was $84.7 billion, up 3.4% from July and up 2% from August 2017. CME Group says it handled an average of 813,113 contracts in its FX futures and 69,803 in its FX options product set. Profit & Loss estimates this to represent around $87.4 billion in total notional value.
Integral Development, meanwhile, reports ADV in all FX products, spot, forwards and swaps, to be $33.5 billion.
The first group of trading venues to report FX ADV for August indicate a mixed picture, however overall activity seems to be higher.
CboeFX, formerly Hotspot FX, reports ADV of $34.9 billion, up 5.1% on July and 28.8% up year-on-year.
Elsewhere, FXSpotStream reports ADV of $28.4 billion, up 2.5% from July and 47.6% up from August 2017; and Euronext’s FastmatchFX handled an average of $19.5 billion per day, down 2.5% from July but up 20% year-on-year.
Although Fastmatch did not see month-on-month growth, the firm’s FX Tape reported a record amount of activity.
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.