LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Continuing the slow month of August FX volumes trend we have seen from a number of both retail and institutional eFX platforms, interdealer broker ICAP plc (LON:IAP) has reported that Forex volumes at its EBS subsidiary were down 17.5% MoM from July’s $83 billion to average $68.4 billion per day in August.
This now marks the year-to-date low for EBS, before this month it’s worth noting that May volumes at EBS were their lowest in about two years.
From late 2014 through mid-2015 EBS was consistently above $100 billion ADV, but has seen a decline in activity since that period as other alternative platforms such as FastMatch and FXSpotStream continue to gain market share in the institutional eFX sector.
To overhaul and modernize its business, ICAP announced in May that they will change the company name to NEX Group plc following the recent Tullett Prebon deal to sell its voice broking and information business.