Tokyo Financial Exchange Announces December Results. Click365 Volumes 31.4% Down YoY

With today's announcement of trading volumes for December, it is clear that Tokyo Financial Exchange has experienced a different set

Tokyo Financial Exchange (TFX) has today announced its full results for the December 2013, a month during which the number of exchange-traded FX Margin contracts (Click 365) amounted to 2,798,007, which represents an increase of 11.8% compared to November 2013, however, a downturn of  31.4% was suffered when compared to December 2012, which is rather unusual considering the generally low trading volumes experienced by a majority of industry participants last year.

The average daily trading volume (ADV) achieved from Click365 order flow was 127,186 for December. Such diminished figures are no doubt a point of interest for Invast Securities, which is set to acquire 120,000 FX accounts on Click365 as part of an absorption-type agreement, taking effect on March 2 this year.

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TFX Trading Volume For December (Categorized By Currency Pair), And Demonstrating YoY Downturn In Click365 Order Flow

At the time of announcement, Invast Securities President, Takeshi Kawaji detailed to Forex Magnates that only $1,000 changed hands in order to set such an agreement into effect.

Reversal Of Industry Trend – Overall Decrease In Year-on-Year Figures

An interesting set of results were produced by TFX during December 2013, in the respect that whilst the majority of the figures reflect a steady increase in volumes when compared with November’s results, a dramatic difference is apparent when comparing the results for December 2013 with the same period last year.

Despite OTC trading activity in Japan having reached epic and unprecedented levels for a sustained period during 2013, with GMO Click Securities and DMM Securities having posted monthly results of over $1 trillion each on more than one occasion during the summer, it is evident that exchange-based trading activity is on the wane by comparison.

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Indeed, the only currency pair for which trading volume was higher in December 2013 compared to December 2012 was USD/JPY, for which a 22% increase made itself present.

Aside from that specific pair, the entirety of the other pairs traded on the exchange showed a significant decrease, esepcially the EUR/JPY pair, for which trading volume was 69.3% weaker than that of December 2012.

Comparative to November 2013, the EUR/JPY pair also attracted less trading volume, with a 9.1% decrease having been experienced.

Futures Takes A Nosedive

The trading volume of three-month EUR/JPY futures in December was 334,588, accounting for an ADV of 16,729 which is down 28.9% when compared with November’s results, and represents a decrease of 1.1% compared with December 2012.

Whilst a marked difference has been experienced at TFX compared to other venues, and a stark contrast compared to compatriot OTC FX firms is apparent, the figures demonstrated here go more than a degree further to emphasize Japan’s penchant for OTC FX.

Diminishing Number Of Futures Contracts Traded At TFX In December
A Year In Figures: TFX Annual Trading Statistics For 2013
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