Thomson Reuters matching volumes dip again in March, yuan trade surges

LONDON, April 9 Wed Apr 9, 2014 11:03am EDT

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LONDON, April 9 (Reuters) - Daily spot currency trading volumes on Thomson Reuters fell for a second month in March, still showing improvement from long-term lows hit at the end of last year but down an average of $21 billion on a year ago.

Along with another major currency trading host, ICAP-owned EBS, the share of Thomson Reuters' Matching service in the world's biggest market has fallen in the face of competition from players such as Hotspot FX and commodities-dominated exchange CME.

Average volumes on EBS rose 6 percent on the month in March to $88.4 billion, but were also down 27 percent on a year earlier.

The fall-off in volumes on Thomson Reuters Matching has come at a time when activity on the company's electronic platform for buyside customers, FXAll, is sharply higher. Daily volumes there rose by another $10 billion to $132 billion in March, up from $110 billion a year earlier.

This year's big trend among the major currencies has been a surge in trading in China's yuan, prompted by Beijing's efforts over the past month to halt the currency's steady rise, creating more market volatility and hence volumes. (Reporting by Patrick Graham Editing by Jeremy Gaunt)

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