Interdealer ICAP released its November volume figures for EBS. On the month, Average daily volume was $103.8 billion, a 12% increase from October’s sub-$100 billion level and 28% lower from November 2011. The figures compare favorably to releases from the CME Group and ICE which showed volumes for FX futures dropping slightly. Looking ahead, we will be watching how EBS’s improvement compares to other FX spot venues which will be reporting soon. EBS’s October volume swoon followed the initiation of new dealing rules on the ECN network which increased liquidity but also widened spreads. Therefore, if EBS outperformed competitors in November, it would indicate that traders that had backed off the venue are returning. Such an event would bode well for EBS as it has also recently launched EBS Direct, a relationship based platform to supplement trading on its legacy EBS network.
ICAP announces electronic broking volumes of US$678.8bn for
London, 5 December 2012 – ICAP (IAP.L), the world’s leading interdealer broker and
provider of post-trade risk and information services, announces today that average daily volumes on the BrokerTec and EBS platforms for November 2012 were $678.8bn, 1% higher than in October 2012 and 12% lower than November 2011.
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Average daily volumes in fixed income products on the BrokerTec platform were $575bn, a decrease of 1% on the previous month and a decrease of 8% year-on-year. Overall repo volumes were $467.9bn in November, fractionally up month-on-month and down 7% year on year, the latter reflecting a 4% increase in US repo and a 16% decrease in European repo. Average daily US Treasury volumes on BrokerTec were US$107.1bn, a decrease of 7% month-on-month and 11% year-on-year.
Average daily spot FX volumes on the EBS platform were $103.8bn, up 12% month-on month and down 28% year-on-year.
ICAP reports all of its electronic broking volumes on a single count basis.