Source: FXall
FXall, the world's leading foreign exchange platform, today announced record volumes of more than $64 billion in a single day.
In addition, volume on the platform was up 55% in October versus the same period the previous year.
The increase in trading activity was due to a combination of new clients joining the platform and increased activity from existing users. Growth came from all client segments, including hedge funds, asset managers, banks, broker-dealers and corporations.
FXall's continued growth reflects the ongoing shift from telephone to online trading. According to recent research by Greenwich Associates, online FX trading by 'top-tier' buy-side clients was worth some $16.9 trillion in 2005. FXall, whose clients include 59% of the S&P Global 100 and 41% of Global Investor's top 100 asset managers, accounts for a significant share of this activity.
Michael Mendes, Chief Operating Officer of FXall, said: "As FX trading volumes rise, institutional clients from all segments are turning to online trading platforms to enhance their FX performance. We are delighted that so many clients have chosen FXall for their FX requirements, from best execution to straight-through processing and streamlined order management."