Tag: CboeFX


In the FICC of It

In this week’s In the FICC of It podcast, Colin Lambert has another one of his “theories” – this time about why 360T bought GTX – and Galen Stops thinks he knows why CboeFX is doing so well.
They also rail against PR-speak when looking at this week’s news from the crypto and corporate world and ponder the value of corporate treasuries turning themselves into professional FX trading units.
They close out by discussing the possibilities of voice activated trading by creating “eFXa” (Trademark pending) and P&L’s managing editor looks to continue his stellar* run of World Cup predictions by tipping yet another surefire winner.

June Slows for FX Platforms, But FXSpotStream Posts Record ADV

Data from the first set of trading venues to report their monthly volumes shows that FXSpotStream had its best ever month in terms of average daily volume (ADV), while trading on other OTC FX platforms reporting volumes slowed down slightly in June.

FXSpotStream achieved an ADV record of $30.4 billion in June, a 5.33% increase from the previous record of $28.8 billion set in February 2018.

This represents an 8.22% increase from May’s ADV of $28 billion, and a massive 49.52% increase year-on-year.

Early ADV Reports Suggest Strong Trading Activity in May

May was a good month for OTC FX platforms, judging by the first set of venues to report trading volumes.

GTX’s ECN and SEF set a new monthly ADV record of $16.8 billion, beating the previous record of $16.1 billion set in February this year and up from $13.3 billion last month.

Elsewhere, GTX’s monthly volume of $385.5 billion surpassed the previous $322.7 billion, also set in February, and the venue bested its previous daily record volume five times in May, registering a new high of $26.8 billion on one of these days.

These figures mean that both total monthly volumes and ADV on the GTX ECN and SEF were up 56% year-on-year in May.

Trading Activity Dips, but Volumes Remain Strong

The first FX venues to report their trading volumes for last month struggled to match the highs of February, despite posting strong volumes.

FXSpotStream hit an all-time record for overall trading volumes, with $606 billion traded on its platform in March, up 5.1% from the record it set in February.

The average daily volume (ADV) of trading on its platform was $27.6 billion last month, a total only ever beaten by the ADV of $28.8 billion it recorded in February. Perhaps a better indication of the platform’s performance is that this represents a 46.7% year-on-year (YoY) increase in ADV.

New Peaks for Cboe, GTX as Platforms Report February Data

The first three platforms have reported average daily turnover (ADV) data for February, with CboeFX (formerly HotspotFX) and Gain’s GTX hitting new peaks and Euronext’s FastmatchFX seeing its second busiest month. ADV at CboeFX was $44.20 billion in February, exceeding January’s then record month by 3.75% and up a huge 63.7% from February 2017. Gain’s GTX saw ADV of $16.1 billion, up 15.8% month-on-month, 45% year-on-year and again a new record for the platform. FastmatchFX reports ADV of $21.1 billion, a 1.4% increase from January and 27.1% higher year-on-year.

Platform Volumes Decline in December – But Not By Much

The first four FX trading platforms to report average daily volume (ADV) data for December indicate that while activity declined, as usual in this month, generally markets remained busier than usual.
Although the latter three are relative newcomers to the platform space and are still regularly recording year-on-year increases, all four of Cboe FX, FXSpotStream, FastmatchFX and Gain’s GTX recorded their highest ADV for December since inception.
Eyes now turn to those platforms with longer reporting track records to confirm this initially strong December data.