Volumes at ICAP’s EBS unit were up 3% from October, but at below $80B ADV times are slow at EBS.
ICAP’s EBS Forex ECN unit did not see a month below $120 billion trading (average daily volume) throughout the first six months of 2013. Since July, that figure has not been above $89 billion. November’s figure at EBS actually came in at $79.5 billion daily, 3% above October’s slowest-in-years volumes but still well (23%) below last year November.
We’ve yet to see November volume metrics from the other leading institutional Forex ECNs such as Thomson Reuters, FXall and KCG Hotspot, but something is clearly wrong at EBS, at least as far as volumes are concerned. New ICAP COO Ken Pigaga and his team clearly have their work cut out for them.