The first trio of FX platforms to report FX volumes for
October indicate little change from September’s numbers although they were
clearly helped by increased activity surrounding the Cable flash crash on
Bats Hotspot reports average daily volume (ADV) of $25.3
billion, a 10.6% decline from September, while Fastmatch FX says its ADV was
$13.6 billion, a fraction down from September’s $13.7 billion. Gain GTX handled
$8.7 billion per day, up 3.5% month-on-month.
Hotspot and Fastmatch can be thankful for a very busy day on
October 7, the day of the Cable flash crash, the former handling $37 billion
that day and the latter $20.6 billion.
All three platforms recorded year-on-year increases, Hotspot
is up 5.8%; Fastmatch by 51% as it continues to exhibit its recovery from the
dark days following January 2016; and Gain GTX was up an impressive 45%.
Eyes will now turn to the next batch of platforms to report
with CME and EBS likely to do so this week and Thomson Reuters the week after.
Thomson Reuters has already reported it handled significantly more sterling
business than usual on October 7, there will be interest in whether CME and EBS
got a similar ‘bump’ to Hotspot and Fastmatch.