FX news: Hotspot volumes
May was a voluminous month across the board. We reported last week (Record volumes reported) that Icap, Reuters and CLS and CME enjoyed record volumes. Some of this is was statistical – due to the UK and US public holidays – and some due to the odd market events of May 6.
Hotspot reported it had “greatly benefited from volatility in the marketplace” in May. Average daily volume was $48.7 billion (double counted), compared with April’s $35.2 billion.
The highest volume on record for Hotspot for the month was on May 6 – $87.9 billion – coincidentally, the day that many multi-bank platforms benefited from the limitations of single-bank platforms (Thursday’s spike blocked the back end).