Fastmatch, an Electronic Communications Network (ECN) ) for foreign exchange trading, is registering strong trading volumes at the start of 2017. The company posted its third highest month on record in January, capitalizing on the two-way Volatility in major currency pairs.
Trading volumes during the first month of 2017 amounted to $357.3 billion. The figure was higher when compared to December by over 23 percent. Looking at the year-on-year growth, the figures have increased even more briskly, coming in at almost 51 percent.
The January 2017 average daily volumes (ADVs) for Fastmatch reach $17 billion, which is a nick lower than the venue’s record month in November 2016. During the month of the US Presidential election, the company registered $17.1 billion daily. January’s number is higher by 23 percent when compared to December 2016 and by 44 percent when compared to January 2016.
The year-on-year growth for Fastmatch continues with the company registering substantial increase in trading volumes. Throughout the year, the company has introduced several changes to its offering warranting increased rates of growth. The firm also increased its investment in staff and hired several key executives in its London office, while recently opening a Singapore branch.
Fastmatch has also recently introduced its Midmatch service which is a dark trading venue for foreign exchange. Back in January, the company also updated its fee structure, reducing the costs associated with certain products.
The company’s impressive growth throughout 2016 comes at a crucial time for the foreign exchange industry as FX volatility during the Trump administration is delivering a promising start to 2017.
