2nd Oct 2014 07:56
LONDON (Alliance News) - Interdealer broker ICAP PLC Thursday said its electronic broking average daily volume in September increased by 8% year-on-year, and by 11% on the figures reported for August.
In a statement, ICAP, which matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets and equity derivatives, said that electronic broking average daily volumes totalled USD772.1 billion in September.
The year-on-year increase was due to a 45% jump in volumes on foreign-exchange trading platform EBS to USD117.9 billion, as well as a 13% rise in US repo average daily volumes to USD240.2 billion.
Combined with a 1% increase in US Treasury average daily volumes to USD170.1 billion, the rise in EBS and US repo volumes more than offset a 3% fall in European repo average daily volumes to USD243.9 billion.
"As well as strong directional trades in majors such as EUR/USD there continued to be structural growth in Emerging Market and NDF (Non Deliverable Forwards) currencies on EBS Market," an ICAP spokesperson said in a statement issued to Alliance News.
"EBS Direct continued to see momentum. In our trading update on September 30, we disclosed USD19 billion average daily volume for September and a USD25 billion average daily volume record day (also in September)," the spokesperson added.
Month-on-month, ICAP reported a 38% jump in EBS average daily volume, a 16% rise in US Treasury average daily volume, a 7% rise in US repo average daily volume, and a 1% rise in European repo average daily volume.
ICAP shares were Thursday quoted down 0.9% at 374.90 pence.
By Samuel Agini; [email protected]; @samuelagini
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