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Foreign Exchange

Hotspot FX volumes rise in June; CLS figures confirm rise in activity

Hotspot FX, the multi-dealer platform owned by Knight Capital, reveals volumes in June rose 10.8% from the previous month, in line with the leading multi-dealer platform FXall.

Figures showed average daily volumes at Hotspot were $31.3 billion last month, with a total of $657.3 billion traded over the platform. However, that was still down 6% since June 2011. The rise in volumes at Hotspot was replicated across the industry, as worries over eurozone debt intensified after the inconclusive first Greek general election in early May. That finally pushed EURUSD, the most actively traded currency pair, out of the tight range, which had prevailed for the first few months of the year.

Data published earlier this month from CME and FXall also revealed that both their average daily volumes rise by 10%, while Thomson Reuters volumes rose 7% and EBS saw volumes rise 5%, month-on-month.

This is the first month that Hotspot has begun to count volumes from one side of the transaction, bringing it in line with its rivals and creating a like-for-like comparison.

Meanwhile, the upward trend in volumes was confirmed by CLS, which clears about half of FX trades globally.

It showed the value of spot trades submitted for clearing in June were up 1% for spot on the month, 17% for swaps and 18% for forwards.

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