ICAP’s brokerage unit EBS released its trading volumes report for June which posted a 5 percent growth from May’s data.
The average daily volume (ADV) at EBS in June stood at $77 billion, up from $73.5 billion in May, which had earlier increased by 7.3 percent from April.
EBS has posted excellent results this year, unlike most forex firms that have experienced declines. However, the volumes in June were 40 percent lower than those record 12 months earlier.
In a separate report, Barclays Chairman Sir David Walker warned on Thursday that the forex market should not be heavily controlled, but rather fine-tuned as he launched a compliance academy that aspires to improve standards within the British bank.
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Mr. Walker noted that though the forex market risked being manipulated, it had functioned excellently for many years hence the attention should be turned to making sure that traders strive to uphold high standards of professionalism.
“There is some very intelligent, sensitive fine-tuning needed, but we should be wary of throwing the baby out with the bathwater,†he said.
Barclays will train 2,100 compliance officers in a program, which it is conducting jointly with Cambridge Judge Business School, that aims to focus more on having the trainees mentor their fellow employees on good conduct, rather than policing them. The bank sets aside 300 million pounds each year for compliance alone, according to Financial Times.
Barclays is among the few major banks that are being investigated by several regulators over allegations of benchmark rate manipulation in the $5.3 trillion per day forex market. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
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