Average Daily FX Volumes on ICE Rise Sharply by 60% to 32,000 Contracts

The Intercontinental Exchange (ICE) has issued a company statement outlining the volumes numbers it has registered during the month of June. Similarly to the CME group, we have seen the number of FX contracts traded on the exchange rising, however ICE's numbers were even more vigorous, rising by 60% during the month of June when compared to May's trading figures, marking 32,000 contracts traded.

While the number remains lower from a year ago by 47%, there are glimmers of hope out there on the institutional front. That said, we have to include special factors, such as the British pound record FX trading volumes, provided by the CME Group after Mark Carney stated that the Bank of England is likely to be the first major central bank to raise interest rates. This factor could well be playing a role in ICE's numbers, with the market pricing in a scenario where the Bank of England will raise interest rates in November this year and the British pound rallying to levels unseen since October 2008.