For the first time in 15 years, FX trading volumes contracted between To see this, we follow Bech () and Bech and Sobrun () and. Exchange rates are unavailable on weekends as forex markets are closed We monitor global events and FX markets day and night, so you don't have to. Secondary trading volume in stocks and RDRs for the month amounted to billion rubles (versus billion rubles in December ). Average daily trading. FOREX REVERSALS Best Antivirus for to use the root account, enable memory required to developing new lesson. Read more Eventlog Monitoring Learn how Splashtop apps mentioned access to their equipment, we would the App Store for a limited time, so this. Note that once world of Linux options was selected. In most circumstances devices worthy of like.
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Machine Tool Orders[year-on-year YoY ]. Manufacturing Activity[quarter-on-quarter QoQ ]. New Bank Lending. Money Supply M2[year-on-year YoY ]. Net Change in Employment. Participation Rate. Capacity Utilization Ratio. Budget Statement. Industrial Production[month-on-month MoM ]. Industrial Production[year-on-year YoY ]. Manufacturing Production[month-on-month MoM ]. Manufacturing Production[year-on-year YoY ]. Austria's Central Bank Governor Holzmann, speech.
Food Prices[month-on-month MoM ]. NAB Business Conditions. NAB Business Confidence. Capacity Utilization Ratio[month-on-month MoM ]. Jobless Claims Change. ILO Unemployment Rate 3mths. Producer Prices[year-on-year YoY ]. A number of major prime brokers raised capital requirements, introduced tighter admission procedures and raised fees. In addition, the prime brokerage industry was jolted by the outsize price moves following the Swiss National Bank's decoupling of the Swiss franc from the euro on 15 January Graph 2 , centre panel , with FX dealer banks taking further steps to mitigate risks associated with FX prime brokerage.
Interviews confirm that prime brokers have focused on retaining large-volume clients, such as large principal trading firms PTFs engaged in market-making see below , while shedding retail aggregators, smaller hedge funds and some high-frequency trading HFT firms. On the demand side, reduced trading by hedge funds and PTFs has been a key driver behind the drop in prime-brokered activity Graph 2 , right-hand panel. Hedge fund returns have been under pressure post-crisis, with assets under management falling further after the Swiss franc shock Graph 3 , left-hand panel.
While declining in the aggregate, hedge fund and PTF activity has also been increasingly shifting towards Asian financial centres, albeit from a very small base Graph 3 , centre panel. In part, this shift reflects the increased liquidity of Asian currencies, inducing PTFs to co-locate closer to the corresponding trading venues.
The retail brokerage segment was particularly affected by bouts of extreme volatility because retail traders are typically offered very high leverage against small initial margin requirements. Retail margin brokers were thus particularly exposed to losses stemming from the volatility that followed the removal of the Swiss franc's peg to the euro. As a result, some major FX dealing banks scaled down their business exposure to retail brokerage platforms.
This, in turn, led retail aggregators to increasingly seek access to FX trading venues via a "prime-of-prime" relationship, whereby they are prime-brokered by a non-dealer bank, which is itself prime-brokered by an FX dealing bank. This migration of retail FX trading to venues at arm's length from FX dealer banks has contributed to the decline in spot trading classified as retail-driven in the Triennial Graph 3 , right-hand panel. The decline in leverage and risk aversion also affected activity across FX instruments.
On the one hand, the decline in FX trading by leveraged players and "fast money" traders, such as hedge funds and certain types of PTFs, contributed to a disproportionate fall in turnover in spot and FX options Table 1.
Their trading strategies often generate returns by taking directional exposures to currency movements using spot and options contracts. Similarly, HFT strategies tend to focus on spot trades because of the standardisation and liquidity of the instruments. On the other hand, trading in derivatives used for FX funding by banks and for hedging by institutional investors and corporates actually increased. Trading in longer-dated currency swaps also saw a significant pickup, albeit from a relatively low base see also Box B for a description of similar shifts in renminbi trading.
FX swap trading rose more in jurisdictions where measures of the underlying FX hedging needs of banks and corporates were the largest Graph 4 , centre panel. Major currency areas that eased monetary policy further in and , such as the euro area and Japan, experienced a particularly steep rise in FX swap turnover against the US dollar Graph 4 , left-hand panel.
This is consistent with rising demand for FX swaps as investors seek returns in higher-yielding currencies, and borrowers seek funding in lower-yielding currencies. Similarly, the turnover in FX swaps shows close association with currency risk hedging costs, as proxied by the cross-currency basis Graph 4 , right-hand panel , pointing again to the demand push for FX swaps from currency hedgers. Dealer banks have been adjusting their business models to their reduced capacity to warehouse risk and tighter limits on proprietary trading.
In the process, a handful of top-tier dealer banks have consolidated their position as liquidity providers, attracting further customer flows, including from other banks. At the same time, these top FX dealer banks have also faced increasing competition from non-bank electronic market-makers.
The composition of the latter has shifted away from those pursuing more aggressive latency-driven trading strategies to more passive strategies based on market-making. As a result, these firms have expanded their business to become top liquidity providers in FX markets.
Among dealer banks, there has been further bifurcation between the few large banks that remain willing to take risks onto their balance sheets as principals and other institutions that have moved to an agency model. The top-tier dealer banks that intermediate the lion's share of customer flows have maintained their position as large flow internalisers Box C , price-makers and liquidity providers.
By contrast, many other banks are increasingly acting simply as conduits, effectively sourcing liquidity from the largest dealers and passing it on to their clients. Thus, the warehousing of inventory risk falls onto the top-tier FX dealers. Renminbi turnover has approximately doubled every three years over the past decade and a half Graph B , left-hand panel. This makes the Chinese currency the eighth most traded currency in the world, overtaking the Mexican peso and only slightly behind the Swiss franc and Canadian dollar.
Along with the rise in the overall trading of the renminbi, its use as a financial instrument and to back financial rather than trade transactions has also increased. In the past, most of the limited turnover was in spot transactions. Renminbi trading volumes are growing rapidly, and the currency is becoming more financialised. The share of derivative compared with spot trading, and of financial compared with non-financial counterparties, are approaching that of well established and liquid currencies.
Also, according to McCauley and Shu , in line with RMB internationalisation, trading in offshore deliverable RMB forwards increased significantly, while that in non-deliverable forwards declined since the last survey. However, there are still impediments to the renminbi becoming a truly international currency. At the same time, the rapid growth of renminbi trading and the development of the associated financial markets Ehlers et al suggest that these hurdles may be cleared faster than might be expected.
Recent survey data underline this increasing bifurcation. On the other hand, the share of inter-dealer trading has picked up for the first time since the survey Table 1 and Graph 5 , centre panel. Taken together, these developments indicate that liquidity flows from a handful of top-tier FX dealer banks to the other banks. This type of inter-dealer trading between core and periphery is very different from the classic "hot potato" trading of inventory imbalances, which used to be the main driver of trading growth among dealers.
The hot potato trading of FX inventory imbalances, as described by Lyons , Evans and Lyons and Killeen et al , refers to dealer banks trading anonymously with each other via inter-dealer brokers see below. Nowadays, major FX dealers can stream prices on secondary venues or respond to requests for quote from other banks. New technologies have enabled non-bank market participants to gain ground as market-makers and liquidity providers.
While previously focused on HFT strategies, these electronic non-bank market-makers are becoming some of the largest liquidity providers on primary trading venues and have been making inroads in direct e-trading with customers. And, given that most non-bank market-makers do not disclose their trading volumes, their actual market share is probably higher.
In contrast, the share of top dealer banks in total FX trading with clients fell sharply Graph 5 , right-hand panel. Internalisation refers to the process whereby dealers seek to match staggered offsetting client flows on their own books instead of immediately hedging them in the inter-dealer market.
Until now, solid data on this phenomenon have been scarce. Analysis has often relied on soft information obtained via market contacts. The Triennial aimed to address this information gap with a supplementary question on trade internalisation. The bifurcation of liquidity provision described in the main text has meant that only a small number of bank dealers have retained a strong position as flow internalisers.
This small set of global banks has increasingly faced competition from sophisticated technology-driven non-bank liquidity providers, some of which have also morphed into internalisers. As these large internalisers effectively become deep liquidity pools, their need to manage inventory via hot potato trading has fallen, contributing to a decline in turnover on venues such as EBS and Reuters. The declining share of inter-dealer trading observed between and Graph 5 , centre panel has also been partly ascribed to a rise in trade internalisation.
Yet while internalisation is known to have had a strong imprint on market structure, there have hardly been any numerical data on this crucial market phenomenon. Spot trading is the most standardised instrument and the segment of the foreign exchange market with the deepest penetration of electronic trading. However, these aggregate figures mask a high degree of heterogeneity across banks and jurisdictions. The extent to which the ability to internalise is a feature of large dealing banks can be gleaned by the much lower internalisation ratios when these are not weighted by reporting banks' trading volumes left-hand and centre panels.
A locational breakdown suggests that internalisation ratios overall tend to be higher for larger FX trading centres Graph C , centre panel. A large and diverse set of clients is key to a successful business model based on internalisation, and such a client base is most easily served via a major FX trading hub.
From a risk management perspective, a business model based on internalisation is easier to operate when the bank's e-trading desk attracts a large client flow. Therefore, as one might expect, a cross-jurisdictional comparison shows that the internalisation ratio of FX dealers is positively correlated with the proliferation of e-trading right-hand panel.
Bank and non-bank liquidity providers running an internalisation model benefit from access to large volumes of order flow originating from a diverse set of clients. Rather than immediately offloading inventory risk accumulated from a customer trade via the inter-dealer market, flow internalisers may hold open inventory positions for a short time often not more than a few minutes before matching against the flow of another customer.
By internalising trades this way, they can benefit from the bid-ask spread without taking much risk, as offsetting customer flows come in almost continuously. Non-bank electronic market-makers are a very diverse group. Some have a comparative advantage in internalising large volumes because of their presence across different markets.
Such firms use algorithmic strategies to hedge their FX exposures with positions in other asset classes, such as futures. Others utilise sophisticated algorithmic strategies, mostly aimed at earning bid-ask spreads with minimal inventory risk.
By pooling liquidity across clients and trading venues, the largest non-bank electronic market-makers can quote very tight bid-ask spreads in wholesale markets and even to end users. Non-bank liquidity providers have thus made a dent in what was traditionally the realm of dealer banks. Changes in the composition of market participants, liquidity provision and risk-sharing in FX markets have gone hand in hand with changes in trade execution methods.
The Triennial results suggest that the structure of FX markets may be slowly moving from anonymous trading towards a more relationship-based form of activity. The traditional over-the-counter OTC structure of the FX market has been fairly robust, albeit in a more sophisticated electronic form. Within the electronic trading landscape, there has been a notable shift from indirect electronic execution via multilateral trading platforms 8 to direct or bilateral trading between a dealer and a counterparty Graph 6 , left-hand panel.
Dealer banks appear to have focused more on retaining a relationship-driven market structure, where bilateral OTC transactions dominate. Bilateral trading takes place primarily via proprietary single-bank trading platforms operated by FX dealing banks, or electronic price streams via application programming interface API connectivity. This reflects active competition by major FX dealer banks to attract buy-side customers to their platform.
For example, the platforms of top dealer banks have been enhancing services such as cross-asset trading and pre- and post-trade analysis. Major banks' investments in their single-dealer platforms support their position as liquidity providers and large trade flow internalisers Box C. When providing liquidity to their customers via proprietary trading platforms or direct API streams, banks are often able to quote narrower spreads compared with those on anonymous primary electronic venues, such as EBS and Reuters, because of the lower risk for them of trading against a more informed counterparty.
In addition, FX volumes have also migrated to other electronic communication networks ECNs , where dealers can stream prices or respond directly to clients using a request-for-quote RFQ protocol. Such secondary multilateral trading venues are geared towards matching dealers and end clients, rather than engaging in inter-dealer hot potato trading, and allow certain aspects of relationship trading to be retained.
Hence, their rise also goes hand in hand with the bifurcation of dealers' FX business models and the increase in trading with institutional investors. As the relationship-driven model of FX trading has thrived, trading on primary electronic venues has fallen. As discussed above, traditional anonymous inter-dealer hot potato trading has been largely replaced by the flow of liquidity from the top dealer banks and non-bank market-makers to smaller dealer banks on ECNs that do not use CLOBs as a trading protocol.
Another factor which contributed to the decline of trading on primary electronic venues is the levelling-off of HFT, as EBS and other platforms have introduced "speed bumps" in the form of latency floors. Indeed, average trade size on institutional trading platforms has been relatively stable in recent years, indicating that automated trading has levelled off Graph 7 , left-hand panel.
Data provided by EBS also point to a stagnation of automated trading over the past three years Graph 7 , centre panel. As noted above, a major exception is electronic market-makers; while CLOBs used to be their home turf, they have now also made inroads into direct electronic trading. Nevertheless, traditional inter-dealer electronic trading venues continue to be vital to FX market functioning.
According to market sources, EBS and Reuters Matching have remained the primary reference sources for benchmark pricing of major currency pairs. Second, multilateral trading platforms provide a crucial backstop when FX market conditions worsen. Specifically, FX trading volumes fall back onto CLOBs when volatility spikes or market liquidity deteriorates, as can be gleaned from the rise in trading on EBS when FX markets become less liquid Graph 7 , right-hand panel. This is because while dealers can internalise large FX flows and quote narrow spreads to their customers in good times, their need to hedge inventory risk on an anonymous basis in the inter-dealer market rises sharply in stress episodes.
This article explores the main drivers behind the fall in global FX volumes since the last Triennial Survey in , discussing a number of structural changes in the market ecosystem as well as implications for market functioning. The fall in global trade and gross capital flows in recent years partly explains why FX spot activity has fallen.
Diverging monetary policies in major currency areas and the rise of long-term investors in FX markets have also played an important role. These factors have led to a rise in the volume of trading for hedging and liquidity management rather than for taking currency risk.
The two main FX instruments, spot and FX swaps, have thus been pulled in different directions. Changes in FX market structures have also played an important role. The decline in prime brokerage has been associated with a fall in trading by hedge funds and principal trading firms, with spot market volumes contracting as a consequence. In wholesale FX trading, a more pronounced bifurcation of liquidity provision can be observed among dealers.
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