Declining spot sinks FX volumes in US

In October, average daily volumes were 26% lower than in the same month of 2014

Tax burden falling
Going down: North American FX volumes slid in October

Average daily volumes (ADV) of forex instruments in the US were 26% lower in October than in the same month of 2014, resulting from a significant decrease in spot turnover, according to a semi-annual survey by the Federal Reserve Bank of New York's Foreign Exchange Committee (FXC).

ADV for over-the-counter instruments, which include spot, outright forwards, swap and option transactions, were $809.3 billion in October – 8% lower than in the April 2015 survey.

"The decrease in volume was primarily

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