Tag: CboeFX

CboeFX

Mixed Results from FX Platforms to Kick Off 2019

While the results from the first three platforms to report FX turnover data are all up from December, the year-on-year comparison is more mixed, with FXSpotStream hitting another peak for the service, but CboeFX and FastmatchFX both falling back.
FXSpotStream reports average daily volume (ADV) of $38.4 billion in all FX products, while CboeFX handled $36 billion per day of spot and FastmatchFX saw a daily average of $20 billion transacted on its platform. The Fastmatch Tape saw a decline for the second month in a row, however.

Platform Data Confirms Decent December

Data from a second group of platform providers has reinforced the message from the first two releases that while it didn’t pull up too many trees, December 2018 was a solid month for most that ended a good year. All providers reporting increased activity in the whole of 2018 compared to 2017. There was a more mixed message in the month-on-month data with only three providers reporting an increase from November, but the year-on-year data generally speaking gave grounds for optimism amongst providers.

December FX Volumes Hold Up

Data from CboeFX and Fastmatch indicate that while there was an inevitable drop from November, FX activity in December was historically robust.
CboeFX, formerly HotspotFX, reports average daily volume (ADV) of $33.4 billion in December, 4.3% lower than November, but up 7.4% from December 2017. CboeFX data is based upon 21 trading days, it was open in Asia on December 25, but it was not even the quietest month in the year for the platform, that marker going to July at $33.2 billion.
Meanwhile, Euronext’s FastmatchFX report ADV of $19.1 billion, down 5.9% on the month but again up on the year – by 22.4%. Fastmatch data is based upon 20 trading days.

In the FICC of It

It may be his life-threatening illness (slight cold) but Colin Lambert is in punchy form in this week’s In the FICC of It podcast, so listen in as he and Galen Stops discuss a busy week in the FICC world.
Starting with the potential implications of Cboe’s agreement with UBS to help broaden the reach of its FX platform – and why Refinitiv might want to sit up and pay attention – they rampage through the multi-dealer platform world looking at how (if according to Lambert) platforms can differentiate themselves. Are these firms really taking the single dealer model and deploying it in a multi-dealer landscape? Will this work? What are the USPs of a single and multi-dealer platform?

And Finally…

A couple of months ago I wrote a piece highlighting what I suggested was the first signal of a real shift away from anonymous trading toward disclosed. The column received, as is usual I should point out, a mixed response, with several of you pointing out that without the anonymous pools of liquidity price discovery would be severely hampered and liquidity would dry up. Back then, I used FX Committee data for the basis of my argument, but now it looks as though the platforms are providing the ammunition.

FXSpotStream the Stand Out as Early FX Volumes Reported

The first batch of FX platforms to report data indicate October saw a modest uptick in activity from September, although CME Group saw average daily volume (ADV) fall from an outstanding previous month.
The stand-out results come from FXSpotStream, which has reported another peak in activity at $35.9 billion per day. Not only does this represent a 12.5% increase from the previous record in September and a huge 80.1% increase year-on-year, it also means that FXSS is recording ADV very close to CboeFX, formerly HotspotFX.

Mixed Results in Early Platform Volume Reports

The first group of FX trading venues to report average daily volumes (ADV) for September paint a mixed picture with regards to the level of trading activity, much as they did at the end of August.

The ADV on CboeFX was $35.8 billion in September, a 2.5% increase compared to the previous month and an 8.1% increase compared to September 2017.

FastMatchFX recorded an ADV of $18.6 last month, down 4.6% from the $19.5 billion it recorded in August and down 10.1% from the $20.7 billion ADV it saw in September 2017. By contrast, the ADV on the FastMatch FX Tape was $84.4 billion last month, beating the previous record high that it set in August of $83.6 billion.

Volumes Mixed in Early Reports

The first group of trading venues to report FX ADV for August indicate a mixed picture, however overall activity seems to be higher.
CboeFX, formerly Hotspot FX, reports ADV of $34.9 billion, up 5.1% on July and 28.8% up year-on-year.
Elsewhere, FXSpotStream reports ADV of $28.4 billion, up 2.5% from July and 47.6% up from August 2017; and Euronext’s FastmatchFX handled an average of $19.5 billion per day, down 2.5% from July but up 20% year-on-year.
Although Fastmatch did not see month-on-month growth, the firm’s FX Tape reported a record amount of activity.

Platform Volumes Dip in July, Remain Strong YoY

The first group of FX platforms to report average daily volume (ADV) indicate that activity slowed in July from June, however it remains strong on a year-on-year basis, with all reporting an increase.
CboeFX, formerly Hotspot FX, handled ADV of $33.2 billion, while FXSpotStream handled $27.7 billion, Euronext’s Fastmatch FX handled $20 billion (the Fastmatch Tape reported $72.5 billion) and Integral, which reports data on all FX products, as compared to just spot by the other platforms, handled $35.3 billion.

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.