Volumes surge on Thomson Reuters FX venues in January

Total ADV amounted to $432.1bn, of which $107.9bn was spot turnover

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New high: January trading volumes set record, while spot activity hits highest since June 2016

Foreign exchange volumes on Thomson Reuters trading platforms hit a new record in January, with average daily volumes amounting to $432.1 billion across product types. Spot-trading volumes were also up, hitting their highest level since June 2016, with $107.9 billion traded daily on average.

The company attributed the rise in activity to the successful onboarding of buy-side clients and liquidity providers to its enhanced multilateral trading facility (MTF) after January 3, when the second Markets in Financial Instruments Directive (Mifid II) kicked in.

The $432.1 billion total reflects trading volumes on Thomson Reuters Matching and FXall for all transaction types, including spot, forwards, swaps, options and non-deliverable forwards (NDFs).

“Following preparation for, and then implementation of, one of the most complex regulatory initiatives in a generation, our success over the last month reflects the value we place on listening to our clients and ensuring our solutions meet their Mifid II needs,” says Neill Penney, co-head of trading at Thomson Reuters.

“As the market evolves, we are committed to making additional enhancements across our trading businesses, including enriched analytics and algo-trading capabilities,” adds Penney.

Thomson Reuters FXall is the company’s dealer-to-client FX marketplace, used by more than 2,300 institutional clients and 180 market-makers.

At the end of January, Jill Sigelbaum joined Thomson Reuters from Traiana to become head of FXall, reporting to Penney and Michael Chin, co-heads of trading.

…our success over the last month reflects the value we place on listening to our clients and ensuring our solutions meet their Mifid II needs
Neill Penney, Thomson Reuters

At the same time, on January 30, Thomson Reuters sold a majority stake in its financial and risk business, including foreign exchange trading platforms and data services, to private equity company Blackstone in a deal that values the unit at $20 billion.

In July 2017, the company finished enhancing its MTF, enabling the venue to support FX forwards, swaps, NDFs and options trading on FXall, as well as ongoing support for swaps trading on Thomson Reuters Matching.

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