December & 2017 Volumes: FXSpotStream, Cboe FX, GTX, and FastMatch

FXSpotStream ADV at $19.5 billion in 2017, up 7%

FXSpotStream, the multibank FX aggregation service, reported a weaker trading month to close the year 2017. FX average trading volumes came in at $19.8 billion ADV, 11.6% lower than November’s $22.1 billion. The holiday season must always be factored in when analyzing December data. For the full year of 2017, FX trading volumes averaged $19.5 billion daily at FXSpotStream, which translates to 7% growth over 2016’s $18.2 billion, with September being the strongest month of the year.

FXSpotStream added State Street as the 13th bank providing liquidity in late September. The addition of State Street adds to the liquidity available from FXSpotStream’s existing liquidity providers, which include BofA Merrill Lynch, BTMU, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered and UBS.

Cboe FX trading volumes up by 9.6% in 2017 

Cboe FX Markets saw its average daily trading volumes declining by 7% in December, dropping to $31.7 billion ADV from $33.9 billion in November. The strong drop can be explained by two factors: December is usually one of the slowest months of the year because its last week falls between Christmas and the New Year. Moreover, November 2017 was the broker’s strongest month since the Swiss ‘flash crash’ in January 2015, which hit $34.3 billion ADV.

The most-traded pair at Cboe FX in December  was EURUSD (23.4%), followed by USDJPY (14.6%), GBPUSD (10.9%), USDCAD (8.0%), and AUDUSD (6.9%).

Despite the slow month of December, average daily volumes at Cboe FX remained above the $27-29 billion range, most common in H1 2017. The AVD for the full year 2017 was $29.6 billion daily, up from $27.0 billion in 2016.

GTX reports 25% growth in 2017

GTX, the institutional FX arm of retail forex broker Gain Capital, reported a significant drop in trading volumes during the month of December 2017. A staggering drop of 23% MoM to $247 billion from $321 in November, mostly due to the holiday season.

Christmas and New Year led to a 15% drop in average daily volume, at $12.3 billion in December from $14.6 billion in November.

For the full year of 2017, GTX was very successful, up 25%, with average daily volumes of $14.3 billion in 2017 from $11.4 billion in 2016.

FastMatch volumes in third consecutive monthly decline 

FastMatch, the leading retail and institutional Forex ECN, reported a monthly decline in trading volumes, again. Average daily volumes dropped 12% from November 2017, at $15.6 billion daily in December from $17.8 billion – the third consecutive monthly drop following $18.0 billion ADV in October and $20.9 billion in September. The record-high to target is May 2017’s $22.5 billion ADV.

Forex ECN FastMatch, recently acquired by Euronext NV from Global Brokerage, Credit Suisse and BNY Mellon Corp for $153 million, reported its November trading metrics indicating a month-over-month decline of 1% from October.