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Brexit flows help Thomson Reuters FX volumes hit 15-month high

Published 2016-07-08, 06:38 a/m
© Reuters. Brexit flows help Thomson Reuters FX volumes hit 15-month high
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By Jemima Kelly
LONDON, July 8 (Reuters) - Average daily trading volumes on
currency trading platforms run by Thomson Reuters TRI.TO
jumped 14 percent in June to their highest since March 2015, the
company said on Friday, helped by a surge in flows following
Britain's shock vote to leave the European Union.
Spot trading in currencies on TR platforms jumped to $258
billion -- almost three times May's daily average -- as the
results of the referendum on EU membership were announced on
June 24, amid sharp swings in the British pound and other major
pairs.
Over the whole month, that drove spot currency trading on TR
platforms up 23 percent from May to an average of $116 billion,
also up 7 percent on June 2015. That was the highest daily
average since a China-driven surge in trading in January.
The Thomson Reuters volumes followed a similar jump in
average daily volumes on rival platform platform EBS.
Total foreign exchange trades across TR platforms, including
forwards, swaps, options and non-deliverable forwards (NDFs),
averaged $394 billion a day over the course of the month, up
from $347 billion a day in May and $375 billion in the same
month last year.
The jump in volumes offers hope to the world's biggest and
most liquid financial market, where volumes have suffered in the
past few months as a result of tighter bank regulation, fragile
emerging markets and lighter global trade flows.
EBS, which is owned by the world's largest inter-dealer
broker ICAP IAP.L , said volumes for U.S. dollar, euro and yen
trades more than doubled in the week after the vote for Brexit.

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