EBS FX Volumes down 40% YoY to $77B ADV in June

EBS showed slight improvement from May, rising 5% to $77B ADV. The figures though were well below 2013, having declined

Interbroker ICAP, has released electronic trading volume figures for the month of June. Among all of its platforms, averaged daily volumes (ADV) were $731.1B, a 14% decline from the same period last year, but up 6% from May. In FX, trading on the EBS platform showed slight improvement from May, rising 5% to $77B ADV. The figures though were well below 2013, having declined by 40% since the same period last year, even as volumes now include activity from ICAP’s relationship-based liquidity platform, EBS Direct.

Volumes last year were assisted by strength in Japanese yen activity, which had been the most volatile major currency for the first half of 2013. Known as an FX spot venue ‘of last resort’ for the yen, due to the platform’s deep liquidity, EBS briefly halted its multi-year downtrend in volumes growth in the H1 2013. However, with yen volatility having dipped over the past 12 months, it has affected EBS activity negatively.

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Looking ahead, volume figures are expected to be released soon from Thomson Reuters. Like EBS, Thomson Reuters has seen a decline in activity on its FX matching platform, having been surpassed by its FXall unit which includes both ECN and relationship pricing. However, like EBS, the Thomson Reuters platform dominates ECNs for several currencies, including the British pound and Chinese yuan where they provide leading pools of liquidity depth. As such, after pound volumes led CME activity higher in June, Thomson Reuters may also have experienced a sharp increase in volumes for the month thanks to the currency.

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