LONDON, March 10 Daily spot foreign exchange
trading volumes on Thomson Reuters dipped in February
from a month earlier, still showing improvement from long-term
lows hit at the end of last year but down an average of $24
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
Daily volumes on Thomson Reuters Matching fell to $113
billion in February from $117 billion in January and $137
billion a year ago. However, trading on FXAll, the company's
electronic platform for buyside customers, was almost unchanged
on the month and up 10 percent year-on-year at $122 billion.
By comparison, ICAP said last week that volumes on the EBS
platform fell 5 percent in February from January and 44 percent
on the year, to $149 billion.
A rise in Chinese yuan trading - prompted by Beijing's
efforts over the past month to halt the currency's steady rise,
creating more market volatility and hence volumes of trade -
have boosted trading, Thomson Reuters said.
"Trading volumes on Thomson Reuters venues remained steady
through February which was a slower month due to fewer trading
days and Chinese New Year," Phil Weisberg, global head of
Foreign Exchange at Thomson Reuters, said.
"As with the rest of the market, we saw continued strong
performance in CNH (offshore yuan trade) which became the second
most traded pair by volume on our Matching platform."