January 2018 volumes: FXSpotStream, Cboe FX Markets, FastMatch, and Gain Capital's GTX - The Industry Spread

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

FXSpotStream

January 2018 volumes: FXSpotStream, Cboe FX Markets, FastMatch, and Gain Capital’s GTX

February 6, 2018
January has provided a few record volume highs for some of the largest institutional FX trading venues, including FXSpotStream, Cboe FX Markets, and Gain Capital’s GTX.
FXSpotStream’s January 2018 ADV beats overall 2017 ADV by over a third
FXSpotStream, a bank-owned consortium that provides the infrastructure to facilitate the route of trades from clients to liquidity providers, reported January as its best month ever, with FX trading volumes coming in at $26.3 billion ADV. This average daily volume beats the $23.9 billion ADV obtained in September 2017 by over 10% and the overall 2017 ADV of $19.5 billion by over a third.
FXSpotStream had its highest total volume ever in a single month, $579.5 billion in January 2018, beating $502.7 billion in September 2017.
The company that operates with liquidity from thirteen banks (BofA Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, Commerzbank AG, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered, UBS, and State Street) was also able to print its second highest volume day ever: $40 billion, still lower than the $49 billion volume generated the day after the US election, 9 November 2016.
Cboe FX MarketsCboe FX Markets prints new record high month and day in January
Cboe FX Markets, former BATS Hotspot FX, is also celebrating the historic month of January 2018, with FX trading volumes coming in at $42.6 billion ADV, a record high only followed by $38.2 billion, obtained in September 2014.
Overall FX trading average daily volumes in 2017 were of $29.6 billion, 44% lower than January 2018. Moreover, January 25 was the best day ever in terms of FX trading volumes, with the number climbing up to $68 billion.
BATS Global Markets sold Hotspot FX to Cboe Holdings Inc. for $3.2 billion in February 2017.
FastMatchFastMatch breaks downward cycle and registers third best month ever
Forex ECN FastMatch is the only institutional trading venue on this list that wasn’t able of topping its prior volume records despite printing a rebound in January 2018 and coming close to its historical highs.
With FX trading volumes growing month by month in 2016 and most of 2017, the company recently acquired by Euronext NV found weakness during Q4 2017, reporting declining volumes each month. This, however, has ended in January 2018 as average daily volume came in at $20.8 billion, up by 33% from $15.6 billion in December 2017.
Rebounding after a fairly weak Q4 with FX volumes declining for three consecutive months into December, data from Forex ECN FastMatch shows a nice rebound in January 2018, with one of the company’s best ever months.
FX trading volumes at FastMatch averaged $20.8 billion daily in January 2018, up 33% from $15.6 billion ADV in December, and up by 21.6% from $17.1 billion during Q4 2017. While one of the best months ever, the champion is still September 2017 ($20.9 billion ADV) followed by May 2017 ($22.5 billion ADV).
FastMatch was acquired by Euronext NV for $153 million from Global Brokerage, Credit Suisse, and BNY Mellon Corp, in August 2017.
Gain GTXGain Capital’s GTX hits highest ADV, monthly, and daily volumes in January 2018
Gain Capital’s institutional FX arm, GTX, is another FX trading venue reporting a record high in January 2018. The broker, counting on its voice agency execution services to provide 20% of total volumes, has reported an average daily volume record of $13.9 billion, 4.5% higher than the previous record of $13.3 billion in September 2017. The total monthly volume came in at $305.0 billion, a new record after $279.8 billion in August 2017.
Adding to the average daily volume and the total monthly volume, GTX is celebrating another record: a record volume day of $23.0 billion obtained on January 25, 2018.

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