Global interdealer broker Icap experienced record volumes for its electronic broking products in August against a backdrop of turbulent global markets, HedgeWeek reports.
Icap’s electronic broking platforms EBS and BrokerTec traded a record of USD1,275 billion on August 16, almost USD200 billion more than the previous record of USD1,077 billion, followed by USD1,218 billion the following day. Average daily volumes on EBS and BrokerTec in the month of August reached USD945 billion, an increase of 51 percent on August 2006.
Spot FX on EBS reached a record level of USD456bn on August 16, beating the previous record of USD311 billion from July 27 by almost 50 percent and almost three times as high as the average daily volume in the first half of this year. It was followed by a volume of USD 411 billion the following day as daily volumes on EBS during August averaged around USD240 billion.
“The record volumes in FX and fixed income electronic broking highlight Icap’s position as a trusted liquidity source in these volatile markets,” says group chief executive Michael Spencer. “Both the EBS and BrokerTec platforms have proven their value to customers with strong liquidity, tight spreads and robust performances in the face of highly volatile trading.”