Algorithmic trading takes centre stage
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Icap, which bought FX platform EBS in April, said API, or 'black box', trading, now makes up an average of $30 billion per day, or 20% of total EBS volumes.
This represents a huge rise in volumes from almost a standing start a year ago. Its record day on Spot Ai was $59.3 billion posted on May 24 this year. EBS launched Spot Ai last July after a 12-month pilot with banks (FX Week, July 18 2005).
Rhomaios Ram, head of global currencies and commodities for Europe at Deutsche Bank in London, said
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