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Spot Volumes Disappoint in April

The latest platforms
to report their spot volumes show continued sluggish performance, with CME, EBS
and Reuters all down year-on-year and month-on-month.

It is a slightly
brighter picture at Moscow Exchange (Moex), where the exchange continues to
post growing year-on-year volumes, although month-on-month, Moex volumes have
been progressively lower this year.

EBS registered an
average daily volume (ADV) of $82.3 billion in April 2016, down 15%
year-on-year and down 2% from the $83.7 billion registered in March 2016.

For the 12 months
ended April 30, 2016, EBS registered an ADV of 89.3 billion, down 12% from the
$101.5 billion from the 12 months ended April 30, 2015.

Thomson Reuters’ spot
ADV in April was $97 billion, down from $104 billion the previous month and
down 17.8% from the ADV of $118 recorded in April 2015.

There was better news
for TR in its  total ADV for FX which
totalled $373 billion, down from $369 billion in April 2015, but up 3% from the
$362 billion ADV registered in March 2016.

Meanwhile Moex
reported that its FX average daily turnover was RUB 1,302.3 billion ($19.5
billion) in April, up 11.6% from the RUB 1,166.8 billion it recorded during the
same month last year. Month-on-month Moex volume declined 7%.

The reports signal
continuing struggles on the part of the platforms to build sustainable growth
in volumes. All eight venues to report FX volumes thus far for April show a
significant drop off from January and February. EBS’ April ADV is 21% lower
than January, CME’s is 5.8% lower (but 12.5% lower than its 2016 peak in
February) and Thomson Reuters spot volumes are also 21% lower than January.

Elsewhere, Hotspot FX
is 16.7% down on January, FastMatch is 8.5% lower, Gain GTX was 17% lower and
Moex was 15.5% lower.

Colin Lambert

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