Currency trading on Integral’s trading platforms rose nine percent in March from a year earlier as increased volatility across financial markets led to greater activity on institutional FX venues.
Average daily volumes topped $39.0 billion last month, which is up 17 percent compared with $33.3 billion in February 2019, Integral said in a statement.
Overall, March volumes were above those reached earlier this year after volatility jumped from multi-year lows, surprising investors and encouraging more trading.
Cboe FX, another big player in the foreign exchange market, today reported a 17 percent rise in average volumes last month.
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FXSpotStream’s trading platform and FX venue of Euronext, Fastmatch, also revealed earlier this week a full recovery from February’s sluggish metrics.
A single integrated network of liquidity
“Our growth in March was driven by a combination of new customers beginning to trade on the Integral platform and existing customers expanding their business Our clients are deriving greater value from Integral as they trade more, and other market participants understand the benefits of accessing the richest pool of liquidity, so they continue to join the Integral ecosystem,” said Harpal Sandhu, CEO of Integral.
Integral’s Open Currency Exchange (OCX) brings a wide spectrum of FX market participants into a single integrated network of liquidity, where they can trade with each other. Clients of the OCX pay a monthly fee for access to the exchange, instead of per-trade fees. While it initially launched with a monthly subscription cost of $275, it was soon lowered to $2.75 per million to accommodate the trading volume of each user, rather than imposing an even charge to clients of all sizes.
Since the deployment of the platform in 2015, the Silicon Valley-based company has been working on several enhancements which bring major changes for existing clients that use the OCX, and which could also attract new customers.