Has EBS now lost its lead in the Forex ECN business to rivals Thomson Reuters and FXall?
ICAP’s Forex ECN unit EBS reported March FX trading volumes at $120.4 billion (average daily volume for the month), down 19% from February and down 2% from last year March. After two strong months to start the year, things slowed down at EBS in March. Is this indicative of a general slowdown in FX trading globally after a strong two months of January and February to begin the year? Or just EBS losing ground to rivals FXall and Thomson Reuters?
It seems as though EBS risks falling back into third place in the Forex ECN hierarchy, behind rivals Thomson Reuters and its recently acquired FXall unit — especially as those two units are in the process of merging under the old FXall management. At $110 billion per day, FXall had its best-ever month in February. We’ll know more in a few days when Thomson Reuters and FXall report, but this promises to be a long, drawn out battle. Stay tuned to LeapRate….
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.