Tag: FastMatch FX

FastMatch FX

Former Fastmatch CEO Files Lawsuit Against Euronext

Dmitri Galinov, founder and former CEO of FastMatch, has announced that he has filed a lawsuit in the US District Court for the Southern District of New York against FastMatch and Euronext US for the unlawful termination of his employment.
Galinov left Fastmatch just over one year after Euronext acquired a 90% stake in the company, his departure was seen by many at the time as surprising.
The lawsuit asserts that Galinov was fired in June 2018 “improperly, unceremoniously, and under false pretense” as part of “a Machiavellian scheme”.

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.

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.

Strong Results from FX Platforms in January

The relatively volatile start to 2017 in FX markets has been reflected in strong data from the first three venues to report, with one platform achieving a new high in average daily turnover (ADV) and two others matching recent peaks.
Bats’ Hotspot FX platform reports ADV of $30.9 billion on a 21-day basis, while FastMatch FX handled $17 billion per day and Gain’s GTX shattered its previous record high (by more than 22%) by recording just over $12.6 billion per day.