Platform volumes rise modestly in September

Average daily foreign exchange volumes on EBS, Thomson Reuters and FXall rose month-on-month by 17%, 16% and 25% respectively in September, according to figures published this week by Icap, which owns EBS, and Thomson Reuters, which now owns FXall.

But despite the month-on-month gains, FXall was the only platform to report year-on-year growth, with its average daily volume at $105 billion in September 2012, up from $91 billion in September 2011.

Average daily volume on EBS in September was $111.9 billion, down 39% on its average daily volume of $183.1 billion in September 2011. Volumes on Thomson Reuters were down 24% on last year, falling from $176 billion in September 2011 to $133 billion in September 2012.

Trading volumes have been falling consistently during 2012 on most of the major platforms, with EBS suffering most heavily – its volume fell by as much as 49% year-on-year in August and 41% in July.

"EBS is very strong in the yen and the Swiss franc. Both currencies have obviously been subject to reduced volatility because of intervention, so as a result of that we have probably seen a slightly higher decrease in volumes than other platforms," said EBS chief executive Gil Mandelzis in a press briefing last month.