EBS, owned by interdealer ICAP, published its trading volumes for February. In terms of the FX market, ADV was $83.5 billion. Results from last month proved to be reduced by 5% compared to January and 44% lower than the $149 billion reported a year ago – when EBS has got the best month in 2013.

What caused MoM and YoY decreases? Certainly, adverse trading outcomes of all other entities operating under the wings of ICAP and a overall decrease in the currencies liquidity. For example, the overall rate of interdealer’s daily volume amounted to $701 billion which gave 5% decrease in comparison to January and 13% year-over-year decrease. The declines were connected not only with FX trading but also US Treasury.

For example, CME, one of the ICAP market competitors in the same time period noted increases – so certainly we cannot speak here about the general market trends.

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