Institutional FX in Red: Volumes Lower at FXSpotStream, Fastmatch

Fastmatch is reporting a total of $363 billion that has changed hands during February 2019, representing a 17 percent decline.

Activity on FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, dropped in February. The company reported an average daily volume (ADV) of $34.8 billion, which is lower on a monthly basis by 9.2 percent from $38.3 billion back in January 2019, when volumes shot up to fresh highs in the group’s seven-year history.

Across a yearly timetable, however, the ADV is higher by over 20 percent when weighed against $28.8 billion reported in the same month the previous year.

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FXSpotStream also saw a notable drop across its total trading volumes in February 2019 after reported just $696 billion for the month, down 17 percent month-on-month from $844 ‎billion in January 2019. The difference should partially be explained by fewer working days since February saw a total of 20 trading days, compared with 22 in the month prior.

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Cboe FX, another big player in the institutional FX market, today reported a 13 percent drop in average volumes in February.

Fastmatch Metrics

The FX trading venue of Euronext has also reported trading volumes for February, which also took a step back last month. Fastmatch is reporting a total of $363 billion that has changed hands during February 2019, representing a 17 percent decline off $441 billion reported back in January 2019.

The average trading volume metric was lower on a month-over-month basis, albeit by approximately by 7.5 percent relative to January and by 14 percent when compared to February of last year.

FastMatch and its former CEO Dmitri Galinov made headlines earlier last month after they reached a settlement agreement to their longtime spat. Galinov filed his lawsuit against Euronext in New York last year for the unlawful termination of his employment, just over one year after Euronext acquired a 90 percent stake in a $153 million deal. The lawsuit also asserts that Galinov was denied millions of dollars as part of a ‘Machiavellian scheme’ orchestrated by the Amsterdam-headquartered global exchange giant.

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