November 4, 2013 / 11:11 AM / 4 years ago

Daily FX volumes on EBS fall 5 pct in October

LONDON, Nov 4 (Reuters) - Average foreign exchange spot volumes traded on the EBS trading platform fell by 5 percent in October from the previous month, parent company ICAP said on Monday.

Volumes traded fell to $77 billion from $81.2 billion in September. Volumes were down 17 percent compared with $92.6 billion in October 2012.

EBS, which competes with Thomson Reuters in the FX dealing business, is the leading liquidity provider for the most widely traded currencies - the euro, yen and Swiss franc .

Thomson Reuters is strong in ‘Commonwealth’ currencies such as the British pound and the Australian, Canadian and New Zealand dollars.

Volumes on foreign exchange markets have fallen in recent months due to the relative stability of major currencies, with EBS in particular hit by low volatility in the euro and the yen against the dollar.

“FX volumes across the market have been depressed, due to subdued volatility. An environment where there has been little movement in the major currencies, including the euro and the yen, has affected EBS volumes,” said ICAP spokeswoman Serra Balls.

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