Internalisation to blame for EBS volume decline
Internalisation – the process by which foreign exchange trades are matched internally within a bank rather than through an external broker – is on the rise due to low levels of volatility in major currency pairs, and has been cited as a key reason trading volume has sunk to record lows on the EBS Market platform.
EBS reported average daily volume of $78.7 billion in August, down 18% year-on-year, rising marginally to $81.2 billion in September, down 27% year-on-year. Gil Mandelzis, chief
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