ICAP's forex volumes drop despite Japanese crisis

Couple of weeks ago ICAP reported a record breaking daily volume flow, amid the Japanese crisis. EBS, used by banks and

Couple of weeks ago ICAP reported a record breaking daily volume flow, amid the Japanese crisis. EBS, used by banks and big funds, handled $232.8 billion in deals on March 15th, making it 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.

Today however ICAP issued a trading statement where it revealed that average daily volumes on EBS decreased 6% year on year to $146 billion for January and February 2011. This means that despite the Japanese peak, volumes on EBS are dropping for some reason I can’t really understand as banks don’t have too many other options which they can use to execute trades and especially clear them like Traiana now does for ICAP.

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