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ICAP trades record forex volume amid Japanese crisis

by Michael Greenberg
    ICAP trades record forex volume amid Japanese crisis
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    LONDON -(Dow Jones)- Currencies Trading Platform EBS Tuesday handled its heaviest flows since last September's super-sized official intervention to weaken the Japanese yen, reflecting the huge grip that Japan's nuclear threat now has on foreign Exchange .

    The ICAP PLC (IAP.LN) owned system, used by banks and big funds, handled $232.8 billion in deals Tuesday, a spokeswoman for the firm said, making Tuesday the system's biggest volume day since Sept. 15, 2010, when Japanese authorities unilaterally sold the yen against the dollar for the first time since 2004 in a bid to cap the yen's sharp appreciation.

    Tuesday saw the effects of Japan's disastrous earthquake ripple through European financial markets, with investors scrambling to exit risky trades and pile into the relative safety of the Japanese yen and the Swiss franc. EBS dominates bank-to-bank trading in the yen.

    LONDON -(Dow Jones)- Currencies Trading Platform EBS Tuesday handled its heaviest flows since last September's super-sized official intervention to weaken the Japanese yen, reflecting the huge grip that Japan's nuclear threat now has on foreign Exchange .

    The ICAP PLC (IAP.LN) owned system, used by banks and big funds, handled $232.8 billion in deals Tuesday, a spokeswoman for the firm said, making Tuesday the system's biggest volume day since Sept. 15, 2010, when Japanese authorities unilaterally sold the yen against the dollar for the first time since 2004 in a bid to cap the yen's sharp appreciation.

    Tuesday saw the effects of Japan's disastrous earthquake ripple through European financial markets, with investors scrambling to exit risky trades and pile into the relative safety of the Japanese yen and the Swiss franc. EBS dominates bank-to-bank trading in the yen.

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