When it comes to trading volumes transacted across the foreign exchange markets, October was relatively positive. As trading started slowly in the first half of the month, the run-up to the European Central Bank’s (ECB) meeting at the end and the subsequent days have stirred some volatility.
Major ECNs reported a month that was much more active than a year ago and somewhat slower when compared to September. The ECB’s underwhelming decision has proven anticlimactic for euro bulls, triggering a selloff that has lasted for a couple of days before pausing in the run-up to the Fed meeting and Trump’s nomination of a new Fed chair.
CBOE FX Markets (Formerly Known as Hotspot)
The average daily volumes (ADVs) at CBOE’s FX Markets unit, formerly known as Hotspot, declined 3 percent month-on-month to $32 billion per day. The number is 27 percent higher when compared to October last year.
Total trading volumes transacted via CBOE FX Markets totaled $704.8 billion. Amongst major ECNs that are posting monthly trading volumes, this is the only figure that increased when compared to the previous month, albeit by only 1 percent. The venue posted a 32 percent increase on a yearly basis.
ADVs at Fastmatch retained their year-on-year growth pace with last month’s number totaling $18 billion per day. The figure was lower when compared to September by 13 percent, but higher by 32 percent when compared to October last year.
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Total trading volumes amounted to $396.7 billion, a number that was lower by 9 percent month-on-month and higher by 39 percent year-on-year.
FXSpotStream also registered a positive month with ADV coming in higher by 16.3% year-on-year to $19.9 billion. The number was lower by 16.9 percent when compared to the record month of September when the firm reported $23.9 billion daily.
Total trading volumes for the month amounted to $437.7 billion which is 21.9 percent higher year-on-year and lower by 13 percent year-on-year. The company remains the second largest among publicly reporting trading venues.
ADVs at GAIN Capital’s institutional trading unit GTX totaled $14.7 billion, a number that is higher by 28 percent when compared to last October. The figure was lower by 10 percent when compared to September.
Total trading volumes dipped 6 percent month-on-month to $322.9 billion. The number was 34 percent higher year-on-year, reaffirming GAIN Capital as one of the fastest growing venues in the industry.