Integral Data for August Shows Muted Changes Seen in FX Volumes
Foreign exchange trading volumes rose slightly in August across Integral’s trading platforms despite the stabilization in FX markets, which came after the specter of Covid over the global economy has receded. Subsided volatility across financial markets led to a dip in trading activity on major institutional FX venues, industry data shows.
Integral said that the average daily volumes (ADV) across its platforms totaled $44.2 billion in August 2021, which rose by 0.5 percent over a monthly timeframe, compared to $44 billion in July.
Additionally, August volumes were above those reached in the same month a year ago. Specifically, the latest figures reflect a 11 percent increase when weighed against the metrics of August 2020.
Reported ADV represents volumes traded across the group’s entire liquidity network, including TrueFXTM and Integral OCXTM.
Trading desks at some of the largest players in the foreign exchange market were also grappling with mixed volumes. The trend of weaker turnover was observed in the monthly figures from Cboe FX and Interactive Brokers.
Integral’s Open Currency Exchange (OCX) brings a wide spectrum of FX market participants into a single integrated network of liquidity, where they can trade with each other. Clients of the OCX pay a monthly fee for access to the exchange, instead of per-trade fees. While it initially launched with a monthly subscription cost of $275, it was soon lowered to accommodate the trading volume of each user, rather than imposing an even charge to clients of all sizes.
Since the deployment of the platform in 2015, the Silicon Valley-based company has been working on several enhancements to bring major changes for existing clients that use the OCX, and attract new customers.
Most recently, GoDoFX, a newly-launched retail brokerage in the UAE, has partnered with Integral to deploy its MarginFX solution across its FX and CFD business.
This partnership allows GoDoFX to benefit from full automation of their entire eFX workflow, including a control of the more than 10,000 currency pairs available on its system. The broker can also trade with clients over multiple distribution platforms, either through a fully branded single dealer trading platform or integration with multi-dealer platforms.
GoDoFX also benefits from a hosted MT4 solution, pricing engine and risk management services.