Retail forex broker OANDA has reported that it saw a 340% increase in trading volumes last Friday, after the results of the Brexit referendum became known.
OANDA’s announcement seems to be in line with what we have seen from the few other retail brokers and institutional FX platforms, each reporting three to four times normal volumes last Friday.
We’d also note that in the conversations we have had with brokers and institutional eFX players in the ensuing days, it looks like FX trading volumes have quickly returned to near-normal levels since Monday, despite there remaining heightened volatility in the currency markets.
The full statement issued by OANDA reads as follows:
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OANDA executes 340% increase in average daily volume with zero rejections or requotes despite Brexit volatility
Business as usual for OANDA customers as they trade through exceptionally uncertain times
San Francisco/London – June 30, 2016: OANDA a leading global provider of online foreign exchange (“Forex”, “FX”) and over-the-counter commodities, bonds and indices trading services, has announced that its clients recorded record-high trading volumes on Friday following the UK’s decision to exit the European Union.
OANDA says despite intense market volatility and the depreciation of Sterling against all major currencies on Friday and Monday, all trades were executed seamlessly, with no trades rejected by OANDA and no trades requoted to customers.
OANDA’s commitment to providing its customers with the most advanced trading technology and an execution platform which reduces latency and slippage, is why OANDA clients were able to execute so efficiently.
Courtney Gibson, Head of Trading at OANDA, comments:
We’re committed to improving our technology to better serve our clients. The UK’s vote to leave the European Union caused extreme market volatility, but our advanced execution technology allowed our clients to enter and exit the market extremely efficiently throughout.
The fact that we were able to execute 100% of trades with no rejects or re-quotes, and were back to average spreads across key CFD and FX pairs well before US market open, is a testament to the speed and stability of our trading platform. Traders can be as prepared as possible for a market event such as Brexit, but if they don’t have the right trading partner, traders won’t be able to trade at the speed they demand.
That’s why OANDA will continue to invest in improving its trading technology.