Fastmatch Trading Volumes Flat as Key Risk Events Loom

Tight ranges across major FX pairs in November didn’t spur much activity from clients

Fastmatch is reporting a slightly slower to a flat month regarding trading volumes in November. The average daily volume of FX transactions via the electronic communications network (ECN) totaled $17.8 billion. The number is lower by 1 percent when compared to October and higher by 1 percent when compared to last year.

The flat performance of Fastmatch can be attributed to a somewhat tighter range trading that has set over major FX markets over the past couple of months.

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Total trading volumes for the month amounted to $391 billion. The number is lower by 1.4 percent when compared to October and higher by 4 percent when compared to November 2016. With last year’s election of Donald Trump boosting volumes across the FX markets at the time materially, today’s data reflects ongoing momentum for Fastmatch and the broader eFX industry.

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Volatility has been compressed across major FX markets as Senate Republicans are deliberating last minute changes to the tax overhaul bill. Risks for December trading volumes are skewed higher as the failure to reach an agreement could reawaken the FX market.

Last month Euronext published its results for the third quarter, showing the contribution of Fastmatch to the company’s revenues. The figure totaled €2.9 million, as the average daily volumes metrics during the period amounted to $18.3 billion per day. The number was 49.5 percent higher than during the same time in 2016.

Euronext completed the acquisition of FastMatch earlier this summer, in August. Trading volumes trends have been subdued in recent months as traders are awaiting the conclusion of the US tax saga.

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