Foreign exchange trading platform FXall says it has set a new daily record volume of $90 billion. Average daily volume on the platform for September was up by more than 44% by comparison with the same period in 2006.
FXAll says the increases were driven by a combination of new clients coming onto the platform as well as growth from existing clients, including asset managers, corporations, banks, broker-dealers and hedge funds. In particular, FXall saw strong growth in trading activity by investment managers, which now account for more than 50% of volumes traded over the platform.
Two key factors contributed to volume growth, says FXAll. First, regulatory requirements for greater control and transparency mean clients value FXall's audit trail and best execution functionality. Secondly, FXall says its new products and enhanced services are also helping it win business.
"The sustained increase in trading volumes on FXall reflects our commitment to innovation and the continuous development of our client offering," says Phil Weisberg, Chief Executive Officer of FXall. "As FX trading volumes continue to rise, more and more traders are turning to online platforms to meet their increasingly complex needs. We look forward to even stronger growth going forward as we continue to extend and enhance the range of services we provide."