FX clients capitalise on market volatility

FX clients have relished the recent market volatility with week-on-week record trading volumes via BARXdirect: FX from Barclays Stockbrokers, culminating in last week seeing the largest number of clients active in any one week period, and the largest number of trades being processed since the platform was launched over two years ago.

According to the latest figures from Barclays Stockbrokers, the UK's largest online execution-only stockbroker, trading on the BARXdirect FX platform saw volumes increase 95% from February to March, and a likely 46% uplift from April to May, based on month-to-date volumes.

BARXdirect: FX is typically seeing EUR/USD as the top traded currency pair, April saw GBP/USD overtake but EUR/USD has regained top spot again in May. GBP/JPY is the third most traded currency pair this month as sterling has weakened significantly against the Yen since the beginning of the month (from a high of almost 145.00 to below 130.00 - currently 130.00). Furthermore USD/CAD has entered the top five traded pairs for the first time this year.

Paul Inkster, Head of Product at Barclays Stockbrokers, comments: "Recent increased volatility in currency markets has been caused by two distinct factors: Eurozone destabilisation led by Greece causing Euro weakness, and UK political uncertainty causing sterling weakness. Our trading volumes show clients are confident in their ability to benefit from movements in the currency markets, with May looking likely to once again see very healthy volumes. Clients however do appear to be taking a ‘breather' this week as the Euro moves into uncharted territory."