EBS’ May FX Volumes Extend Multi Month Decline, Strike Fresh 2016 Lows

EBS' daily trading volumes continued a monthly downtrend, hitting new 2016 lows.

ICAP has reported its aggregated trading volumes across its electronic foreign exchange (FX) platform EBS for the month ending May 2016 – the results showed a continuation of the venue’s declining volumes, which have now fallen in four consecutive months, according to an ICAP statement.

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EBS’ May 2016 FX volumes come amidst a recent downtrend that began in January 2016. Since then, each successive month has seen a fall from a high of $103.8 billion – during May 2016, EBS’ FX volumes came in at just $75.7 billion daily, falling by a factor of -8.0% MoM from $82.3 billion in April 2016. This now marks the lowest volumes at EBS during 2016.

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The lessened figure is even more lackluster when measured against its 2015 counterpart, having orchestrated a decline of -21.1% YoY $95.9 billion set back in May 2015. Institutional exchanges have been pointed lower in Q1 2016, which looks to be the trend heading into H2 2016 – the narrative has been the same between both institutional and retail FX and derivatives venues.

Furthermore, ICAP’s US Treasury activity during May 2016 did manage a slight rebound and growth for the month of 8.2% MoM, having yielded a figure of $156.4 billion from $144.5 billion in April 201. While this completely pares last month’s losses in this space, the recent state of the US Treasury market and movement has certainly helped kindle trading of many securities, including treasuries. Finally, May 2016’s treasury activity in May 2016 left a little to be desired relative to 2015, falling by -15.1% YoY from $184.2 billion in May 2015.

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