FXSpotStream has charged higher in the run-up to the U.S. presidential election as trading activity increased during the month of October according to a company official announcement. The firm reported an increase in both total and average daily volumes during the month.
Looking at the total figures the monthly increase last month at FXSpotStream was just over 5 per cent to $359.2 billion.
The average daily volumes number for October 2016 was also higher. Coming in at $17.1 billion daily, the figure was up by 10.7 percent when compared to September and by 24.5 percent when compared to October 2015.
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The news comes at a time when the bulk of the industry is reporting flatlining volumes, with the only other major trading venues that have reported growth on a monthly basis (EBS and GAINCapital’s GTX) registering smaller increases when compared to FXSpotStream.
FXSpotStream has been actively growing its volumes throughout the year with the company registering a record month in June around the Brexit referendum.
Commenting on the results this month the CEO of FXSpotStream, Alan Schwarz said to Finance Magnates: “So far we have outperformed all other venues that have reported (EBS, Hotspot, GAIN GTX and Fastmatch) in terms of our % month-on-month and year-on-year growth. The highest monthly increase we have seen is 3 percent vs our 11 percent. At least for this month we captured more market share than other venues. Our volumes are also on a notional basis higher than those of FastMatch and GAIN Capital’s GTX.”
“Our no cost service for takers continues to gain traction at a time when reducing costs is the top 1,2 and 3 priority for our clients and banks. Plus, we continue to grow staff and office locations – TY office now fully operational – to ramp up our sales effort and client services. And, there’s always hard work, focus and top of the line support for our clients and banks,” Mr Schwarz elaborated.