Thomson Reuters, FX Spotstream and FXCM
have all reported a month-on-month decline in FX average daily volume (ADV),
however the latter two are up on a year-on-year basis.
Thomson Reuters says spot volumes across
its platforms was $97 billion per day, 8.5% lower from June and 4% down from
July 2015. Other volume was $262 billion, a 5.8% drop month-on-month but a 4%
increase on July 2015.
Meanwhile, FXSpotStream says ADV on its
platform was $19.65 billion in July, 5.3% down from June but significantly
higher (39.6%) on July 2015. FXCM also reported institutional ADV down from
June but up from a year ago – the firm handled $2 billion per day, down from
$2.8 billion in June but up from July 2015’s $800 million.
July represents the fifth time in the last
year that Thomson Reuters has dipped below the $100 billion mark in ADV terms,
something that might be of concern at a firm that had only seen that happen
once before, in July 2014, however in peer terms the numbers reflect better.
While FXSpotStream only dropped 5.3%,
Thomson Reuters has returned the next “best” return at 8.5% lower. Hotspot was
down 9% and Gain GTX -13.5%, but what is significant is that Reuters’ two
closest rivals in terms of ADV, saw a 14.8% decline (EBS) and 28.9% drop (CME).