Trading volumes at Fastmatch doubled when compared to a year ago in what has been the best month of 2017 in terms of trading volumes. The French election and several political upsets for the Donald Trump administration have driven FX volatility higher and resulted in a better performance for the foreign exchange electronic communications network (ECN).
Transactions via Fastmatch amounted to $518.4 billion during the month of May. The number is more than double when compared to a year ago and higher by 36 percent when compared to April 2017.
The average daily volume (ADV) amounted to $22.5 billion. The number is up over 18 percent month-on-month and more than double year-on-year.
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The month has been the strongest this year for the ECN, that was acquired by Euronext just last month. The deal is worth $153 million for 90 percent of the company’s stock. The management of the ECN retains control of the remaining 10 percent with the payout to the former institutional shareholder FXCM amounting to $55.6 million.
Fastmatch Without Competition in Terms of Growth
Fastmatch has been unequivocally the fastest growing ECN in the industry since the company recovered from the Swiss National Bank-induced foreign exchange crisis of 2015. The business of the company was affected substantially by the massive balance sheet hit suffered by its minority shareholder at the time, FXCM.
Since the beginning of 2015, Fastmatch has committed to providing enough initiatives and boosting its sales staff in the UK and in the US to secure a significant market share among publicly reporting ECNs.
From an average of $2.7 billion daily transacted in the first quarter of 2013, Fastmatch marked $17.7 billion in 2017. The company’s margins in the first quarter reached 41 percent, which is the highest that they have ever been.