Average daily electronic broking volumes (ADV) for British interdealer ICAP have demonstrated a healthy move in the upward direction this May, with the markets operator completing the month with an ADV of $788.2 billion.
This represents a 9% increase over April’s $725.7 billion figure and betters the same month last year by 11%.
Subsequent to a contraction of trading volumes in FX which reached an all-time low in December last year with ADVs for that month at $635.9 billion, the firm embarked on a series of developments including the recent addition of EBS Direct, a trading platform which ICAP considers to be relationship based and after its launch in mid-May, arrived on the market as an additional product to ICAP’s multi-dealer platform EBS Markets.
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ICAP faces competition from FXall in this particular arena, a company recently acquired by Reuters.
EBS’s wholesale electronic FX offering performed well in April, demonstrating a 17% increase over the previous month, whilst ICAP showed a decline. It is not certain whether ICAP’s increase this month is attributable to its diversification, a factor that time will only tell.