ICAP’s EBS Trading Volumes Remain Solid in October 2016

ICAP’s EBS currency-trading platform handled $83.8 billion daily in October 2016

Leading interdealer broker ICAP Plc, soon to be named NEX Group Plc, has reported trading volumes on its electronic foreign exchange (FX) platform EBS for October 2016. The metrics mark an ascending figure for the second consecutive month, albeit only a fractional advance as markets remain locked in wait-and-see mode thanks to speculations over the Fed’s rate hike and US election.

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More specifically, ICAP’s EBS currency-trading platform handled $83.8 billion daily in October 2016, constituting a jump of 3.0 percent MoM from just $81.7 billion in September 2016. The latest figures also kept what had been a relatively narrow range of consolidation across EBS’s volumes over the past two months, which has now stayed around the $80.0 billion threshold.

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Expanding the scope to encompass a yearly timeframe, EBS’s October 2016 volumes of $83.8 billion are also higher by less than one percentage YoY from $83.6 billion in October 2015. This flat performance in October has been shared by other institutional venues as a whole and has thus far not been specific to one exchange. It will be worth noting if this trend will be snapped heading into the US election month as volumes managed to bounce off their yearly lows printed earlier in August, as was the case at EBS.

In terms of US repo rates, volumes were up 15 percent year on year to an average of $ 235.3 million and up 3 percent on a monthly basis, while European repo volumes were also higher 12 percent on 2015 and up 4 percent on September 2016.

ICAP’s US Treasury activity during October 2016 had a similar narrative, given a modest rebound of nearly 3 percent MoM in average daily volumes. During October 2016, US Treasury activity volumes came in at $158.1 billion, up from $154.1 billion in September 2016. Across a yearly interval, October’s volumes reflect a 4.0 percent advance from $151.6 billion in October 2015.


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