It looks like May was a very slow month for institutional forex trading.
Kicking off May volume reporting season, institutional eFX venue Hotspot FX, a division of Bats Global Markets Inc (BATS:BATS), has reported that May 2016 volumes averaged $23.4 billion daily, down 9% from April’s $25.6 billion.
The $23.4B figure is the second lowest reported by Hotspot FX since it was acquired by Bats from KCG for $365 million in early 2015, and also the second lowest number posted by Hotspot in three and a half years, when in late 2012 volumes were in the low teens. (November 2015 volumes were slightly lower at $22.4B).
As more institutional and retail FX brokers report volumes for May we’ll see if this down trend continues. Stay tuned to LeapRate…