Early FX Reports Show Steady Volumes

The data from the first set of FX platforms to report volumes suggests that any changes in trading activity were fairly minimal in November.

Fastmatch reported an ADV of $20.3 billion for November, up slightly from the $19.2 billion that it reported in October and the $17.8 billion that it recorded in November 2017. After seeing volumes on its FX Tape increase by 12.1% in October, Fastmatch was able to sustain this volume in November with an average of $95.3 billion being reported to it each day.

The ADV on Cboe Hotspot was $34.6 billion in November, down 5.4% from the $36.6 billion recorded in October, but marginally up year-on-year from the $33.9 billion that it recorded in November 2017.

After a record ADV in October of $35.8 billion, FXSpotStream (FXSS) saw volumes decrease very slightly last month to $35.5 billion, which is still its second highest ADV on record. This also means that year-on-year, the ADV for the platform was up 61.1% in November and for the first 11 months of the year is up 52% compared to the same period of time in 2017.

Profit & Loss noted in October that FXSS recorded an ADV which was very close to that of CboeFX, formerly Hotspot, and this month it has actually reported a higher ADV, the first time that this has happened.

Integral, however, bucked this trend of relatively stable volume last month, with a total of $38.3 billion traded across its platforms, a 10.7% increase from October and a 9.4% increase compared to November 2017. Integral’s reported volumes include all FX products, not just spot.

Galen Stops

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