Thomson Reuters hits FX record following MTF MiFID II upgrade

Thomson Reuters upgraded its FX platforms to ensure MiFID II compliance last year.

Foreign exchange (FX) trading at Thomson Reuters saw record volumes in January following several enhancements  to its multilateral trading facility (MTF) last year.

Average daily volumes reached $432.1 billion across the FX platforms and $107.9 billion for spot trading in January. The volumes include FXall transactions and Thomson Reuters Matching for spot, forwards swaps, options and non-deliverable forwards (NDFs).

In July last year Thomson Reuters carried out a series of upgrades to its MTF to ensure its clients would be fully compliant with MiFID II come 3 January 2018, including the introduction of support for FX spot forwards, swaps, NDFs and options trading on the FXall platform and swaps trading on Thomson Reuters Matching.

“Following preparation for and then implementation of one of the most complex regulatory initiatives in a generation, our success over the last month reflects the value we place in listening to our clients and ensuring our solutions meet their MiFID II needs,” said Neill Penney, co-head of trading at Thomson Reuters.

The MTF currently uses Tradeweb as an approved publication arrangement (APA) for trade reporting as required under MiFID II.  

“As the market evolves, we are committed to making additional enhancements across our trading businesses, including enriched analytics and algo trading capabilities,” Penney concluded.