ICAP has revealed that average daily electronic broking volumes in March reached the highest level ever; as volatility continued in the global financial markets.
Overall, March 2008 was the highest average daily volume month with volumes of $966.1bn, breaking the record of $933.9 set in August 2007. New records were also set in both fixed-income products on the BrokerTec platform and spot FX on the EBS platform in March.
Average first quarter 2008 electronic broking volumes at ICAP were $923.2 billion, up 24% on Q1 2007. Spot FX volumes in Q1 2008 increased 41% and fixed-income volume increased 19% on Q1 2007.
In March, fixed-income volumes traded on ICAP’s BrokerTec platform -including US Treasury products, EU repo and US repo – increased 12% year on year to $713 billion.
Spot FX traded on ICAP’s electronic platform EBS also increased 34% year on year in March to an average daily volume of $253.1 billion. Three of the top ten trading days on EBS were in March 2008.
“March 2008 marks another month of unprecedented electronic broking volumes here at ICAP. We see this as evidence that the marketplace values the liquidity and features our award-winning BrokerTec and EBS platforms have to offer,” says David Rutter, deputy CEO, ICAP Electronic Broking.