Trading volume at institutional ECN Hotspot FX has begun to rise in March this year, with average daily volumes (ADV) amounting to $31.5 billion for the month, representing a healthy 19.2% gain compared with February’s $26.4 billion.
This is the first monthly reporting period in which Hotspot FX displays its new logo, following the completion of its sale by KCG Holdings, Inc. Class A (NYSE:KCG) to to BATS Global Markets, Inc. Class A Common Stock (BATS:BATS).
Indeed, February was a month in which volatility remained low across the entire FX industry following January’s final two weeks which were a period of high trading volumes across the board.
In January, just prior to the reported sale of Hotspot FX, the company saw its best-ever day for trading volumes at $61.7 billion, on Thursday January 15, the day the Swiss National Bank roiled the currency markets with its removal of the EURCHF 1.20 floor.
Across the month of January, average daily volumes equated to $34.3 billion, however this momentum has not continued into February, with average daily volumes for the month weighing in at $26.4 billion, and the day in which the highest volume of the month was traded, February 12, only producing $36.7 million which is just slightly over half of the volume achieved on that monumental day in January.
Although the percentage drop in average daily volumes appears large, the final week of January set the scene for February’s performance, with average daily volumes standing at $28.9 billion per day.
Total trading volume for the month of March was $694.9 billion, substantially up from February’s $528.5 billion, but still behind the $719.4 billion reported by the firm in January this year.
For the official volume figures from Hotspot FX, click here.