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Foreign Exchange

Banks and hedge funds drive drop in FX volumes at FXall in July

FX trading volumes in July fell at FXall, the world’s leading mutli-dealer platform with non-financial corporates and asset managers.

Average daily trading volumes on the platform, which Thomson Reuters agreed to acquire last month in a $643 million deal, were $90.6 billion last month. That was 8% lower than the record $98.6 million registered in June, but 7% higher than in July 2011.

The drop in volumes confirms a trend seen at other leading FX venues, with EBS, Thomson Reuters and CME Group all experiencing declining volumes in July as reduced concerns about the eurozone debt crisis helped to calm volatility on the world’s FX markets.

 

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 – used primarily by banks, broker-dealers and hedge funds.

Those figures suggest it was banks and hedge funds that were responsible for most of the fall in volumes at FXall.

July average daily volumes for relationship trading were $72.3 billion, down 4.5% on a record $75.7 billion in June. Active trading volumes were $18.3 billion, down 20.1% on an all-time high of $22.9 billion in June.

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