Record volume day at Forex ECNs FastMatch, Hotspot FX in post Brexit trading Friday

One of the big winners from the post-Brexit panic of trading were institutional Forex ECN platforms, which saw a huge ramp-up in trading volumes on Friday in the aftermath of the VoteLeave victory in the UK Brexit referendum.

Thankfully these ECNs – whose income is directly linked to volumes – seemed to operate in a fairly orderly manner on Thursday, despite an initial 11% drop in the value of the GBP in the moments after a Leave victory was all but confirmed, and the volatility which ensued all day.

Not all Forex ECNs report their volumes on a daily basis. However those which do reported either record or near-record FX trading volumes for Friday June 24. These include:

FastMatch logoFastMatch – jointly owned by retail forex broker FXCM Inc (NYSE:FXCM) and commercial banks Credit Suisse and BNY Mellon, FastMatch saw record volumes of $39.8 billion on Friday. FastMatch normally averages about $11 billion per day, and its best-ever day before this past Friday was $24.3 billion on (not surprisingly) January 15, 2015, the day of the infamous Swiss Franc spike. That makes Friday FastMatch’s busiest day by a wide 64% margin, and nearly quadruple its normal daily volume.

Hotspot FX – owned by the ever-expanding Bats Global Markets Inc (BATS:BATS), volumes at Hotspot FX hit $59.5 billion on Friday, marking Hotspot’s second-busiest ever day for volumes. Best-ever day at Hotspot? You guessed it, ‘Black Thursday’ January 15, 2015, at $61.7 billion. Volumes at Hotspot FX normally average about $25 billion.

We expect other eFX venues to give some sort of indication of how activity was on Friday, either in the coming days or with their regular monthly volume reports.

Related News

Record volume day at Forex ECNs FastMatch, Hotspot FX in post Brexit trading Friday

Send this to a friend