Articles tagged by FastmatchFX
Three FX platform providers have reported lower volumes for the second consecutive month, highlighting the difficult nature of the market in August.
The first trio of FX platforms to report FX volumes for October indicate little change from September’s numbers although they were clearly helped by increased activity surrounding the Cable flash crash on October 7.
Bats Hotspot reports average daily volume (ADV) of $25.3 billion, a 10.6% decline from September, while FastMatch FX says its ADV was $13.6 billion, a fraction down from September’s $13.7 billion. Gain GTX handled $8.7 billion per day, up 3.5% month-on-month.
Hotspot and FastMatch can be thankful for a very busy day on October 7, the day of the Cable flash crash, the former handling $37 billion that day and the latter $20.6 billion.
Early indications from FX trading platforms suggests all saw a good boost to activity during the US election results sequence.
Bats’ Hotspot handled average daily volume (ADV) of $64.5 billion on November 9, the firm says, roughly two and a half times more than the average it had been handling in the first week of the month and significantly higher than last month’s $25.3 billion ADV.
FXSpotStream also had a good day, with the firm saying it handled $48 billion on a single count basis, almost three times its volumes which last month were $17.1 billion.
FastMatchFX also saw a similar increase in activity, handling $38 billion yesterday, up from the $14 billion it was averaging in November and the $13.6 billion averaged in October.
The first three platforms providers to report December average daily volume (ADV) data have experienced the expected slowdown in December from November, but have lifted year-on-year.
Bats’ Hotspot FX handled $25.5 billion per day in December, down 16.1% from November, but up 5.8% from December 2015.
Meanwhile FastMatchFX reports ADV of $13.8 billion, a 19% drop from November – a month characterised by volatility around the US election – but an impressive 45.3% increase from December 2015.
It was a generally positive picture at Gain GTX also, with the platform seeing its fourth busiest month of 2016 at $9.2 billion.
Three FX platforms have reported strong FX volume data for March, including two new records.
The first FX platform providers to report average daily volume (ADV) data indicate May maintained the momentum of the previous months.
Spot FX activity on NEX Markets (formerly EBS) was $81.3 billion per day, up 6.8% from April and 12% higher year-on-year. At CME combined FX futures and options on futures volume was 823,000 contracts per day.
CBoE’s HotspotFX reports ADV of $28.1 billion, a 1.4% increase on April and a very healthy 20% increase from May 2016, while FastMatchFX reports ADV of $22.5 billion, a 18.4% month-on-month increase and almost double May 2016’s ADV of $11.4 billion.
FXSpotStream handled $17.5 billion in May, up 2% from April and 9% from May 2016 and Gain’s GTX reports ADV across its ECN and SEF of $10.7 billion, a 7% drop from April but a 55% increase from May 2016.
In spite of several spikes in activity during the month, the overall impact on FX volumes in June was minimal with two of the first group reporting seeing a slight increase and two a slight decrease.
NEX Markets says average daily volume (ADV) in spot on its EBS platform was $83.3 billion in June, a 2% increase from May but a 12% decline year-on-year.
CBoE’s HotspotFX reports ADV of $27.9 billion, fractionally down from May’s $28.1 billion and 2.4% down from June 2016
Elsewhere, FastmatchFX, which was recently bought by Euronext, reports ADV of $19.7 billion, a 12.5% drop month-on-month but 20.9% higher year-on-year.
Finally, Gain’s GTX says ADV was $10.8 billion across its ECN and SEF, up 1% from May and up 12% from June 2016.
Unsurprisingly the first six FX platforms to report results are indicating a drop off in activity in July. In spite of more political upheaval in the US and a declining dollar, activity looks to have slowed from June. Although year-on-year the numbers are higher.
At the top level, NEX Markets' EBS saw a very small decline, CBoE's HotspotFX, Euronext's FastMatch FX and Gain GTX all saw month-on-month declines in single figures and CME Group and FXSpotStream registered double digit declines.
The first three platforms to report FX average daily volume (ADV) for August have presented a mixed picture, with one matching record highs, one dropping and one remaining stable.
CBoE’s HotspotFX platform reports ADV of $27.1 billion in August, unchanged from July but 19.9% higher than August 2016.
Euronext’s FastMatchFX saw ADV decline in August to $16.25 billion, down 9.7% month-on-month, but rising 57.8% from August 2016, while Gain’s GTX reports ADV of $12.2 billion per day – a 21% rise from July and 88% higher than August 2016.
The first four platforms to report FX volumes for October indicate that while turnover failed to maintain the September highs, average daily volume (ADV) remains close to the year’s peak and in healthy territory.
CBoE’s HotspotFX reports ADV of $32 billion in October, while FXSpotStream reports ADV of $19.9 billion. Elsewhere, Euronext’s FastMatchFX says it handled ADV of $18 billion in October and finally in the first group of platforms to report Gain Capital's GTX reports ADV of $11.4 billion.
The first three platforms to report FX average daily volume (ADV) for November indicate activity stayed around year’s highs.
CBoE FX (formerly HotspotFX) reports ADV of $33.8 billion, a 5.6% increase from October and a 11.2% increase year-on-year.
Euronext’s FastmatchFX reports ADV of $17.8 billion in November, slightly down from October’s $18 billion and 4.1% higher than October 2017, and Gain’s GTX says it handled ADV of $12.2 billion on its ECN and SEF, a 7% increase month-on-month and up 18.4% year-on-year.
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.
The first three platforms to report FX trading volumes indicate January was a strong start to the year all round, with Cboe’s HotspotFX and Gain’s GTX platforms both recording new record highs for average daily volume.
Cboe’s Hotspot reported ADV of $42.6 billion in January, up 37% from December and 43.9% up year-on-year.
Euronext’s FastmatchFX also saw a healthy bounce from December and on a year-on-year basis, with ADV at $20.8 billion, a 33.3% rise month-on-month and 22.4% up year-on-year.
Gain’s GTX also set a new high at $13.9 billion per day, up 28.7% from December and 10.3% higher year-on-year.
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.
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.
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.
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.
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.
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.
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.
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.
Anecdotal evidence that February was a much quieter month for FX markets is reinforced by the first set of average daily volume (ADV) data reported by FX trading venues with all showing a month-on-month decline and only one a year-on-year rise.
FXSpotStream reports ADV of $34.8 billion in February, down 9.4% from January, but up 20.8% from February 2018.
Elsewhere, CboeFX says it handled $34.5 billion per day last month, a 4.2% decline month-on-month and a 21.9% decline from February 2018 – a month in which the platform set its highest ADV to date at $44.2 billion.
Finally in the first group to report data, Euronext’s FastmatchFX says it handled $18.1 billion per day in February, down 9.5% month-on-month and down 14.2% year-on-year. The FastmatchFX Tape also saw a month-on-month decline at $64.5 billion of notional value reported, this is down 3.4% from January, but still reflects a very healthy year-on-year increase from what was its second month of reporting in February 2018 when it handled $26.6 billion.
Fastmatch volumes are for spot FX products only, while CboeFX is spot and NDFs and FXSpotStream data is for all FX products, including FX swaps.