FX volumes blip higher on EBS in May
LONDON, June 6
LONDON, June 6 (Reuters) - Daily currency trading volumes inched up to $73.5 billion on the EBS platform in May, recovering some ground after a year which has seen business cut almost in half on one of the main venues for the global market.
Volumes on the platform were still down 42 percent compared to a year earlier but were 7 percent higher than those in April, data published by EBS-owner ICAP showed.
A combination of ultra-low interest rates across the developed world and an uncertain regulatory environment have hammered volumes of trade in the spot foreign exchange market over the past year.
EBS is the main venue for large banking players to trading spot euros, yen and Swiss francs against the dollar. Both it and its biggest rival Thomson Reuters have also been hit by the expansion of smaller competitors such as KCG Hotspot and U.S.-based commodities-dominated exchange CME. (Reporting by Patrick Graham; Editing by Mark Heinrich)
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