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Foreign Exchange

FXall trading volumes fall 7% in August, 5% year-on-year

FXall, the world’s leading multi-dealer platform with non-financial corporates and asset managers, saw its average daily volumes decline in August by 7% month-on-month and by 5% from August 2011.

The firm says the average daily volume for August was $83.96 billion, down from $90.65 billion in July. In June, the company announced record average daily volumes of $98.6 billion.

 
Still, volumes at FXall held up better than other trading venues, which suffered an unusually quiet August as currency volatility dropped to levels not seen since before the eruption of the financial crisis.

Volumes at Thomson Reuters – which agreed to acquire FXall in July for $643 million – and CME Group, two of the market’s leading platforms, also slumped in August compared with July by 11.5% and 9%, respectively. Icap’s EBS also fared badly, with volumes nearly halving compared with last year.

FXall separates its services according to client type. Relationship trading is largely by corporates and asset managers, while active trading refers to the firm’s ECN platform and continuous stream platform, which is used by banks, broker-dealers and hedge funds.

August average daily volumes for relationship trading and active trading at FXall were at $66.85 billion and $17.11 billion, respectively. The relationship-trading volumes showed the steepest drop from July, down 7.5% from last month.

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