Average daily volume on Hotspot was $49.9 billion in April, a 15.5% decline versus the previous month, and an 8.2% decline year on year. Based on aggregated volumes of all venues that publicly report trading statistics, Hotspot calculates its market share in April rose to 8.8%, up from 8.2% in April 2011.
Like other FX trading venues, Hotspot attributed the fall in volumes to reduced volatility in key markets and decreased FX market participation.
Hotspot says the fall in volumes was mostly felt during North American and Asian trading hours, though this was partially offset by a 2.61% rise in volume during the European time zone.
Looking at individual currency pairs, AUDUSD saw the biggest drop off in volume, which fell 2.24% from the previous month. EURUSD – despite trading in a three big-figure range during April – saw a 1.81% rise in trading volume.
Of the other FX trading venues that release trading statistics, Icap’s EBS was the worst performer, with volumes down more than a quarter year on year.
Thomson Reuters and leading exchange CME showed more consistent performance, with volumes down 6% and 4% respectively on the year, while FXall was the only venue to report rising volumes in April, which were 15% higher than the same month last year.