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Thomson Reuters forex volume down 10.5%

Daily spot foreign exchange trading volumes on Thomson Reuters dealing platforms fell 10.5 per cent in December from a year earlier, company data showed on Monday.

The average daily volume traded in December also dropped 8.1 per cent from the previous month. Volumes traded declined to $102 billion, from $111 billion in November and $114 billion in December 2011.

Trading volumes at rival EBS, a platform owned by inter-dealer broker ICAP, fell four per cent from year-ago levels to $91.8 billion.

Low volatility in currency markets and increased job cuts by banks have weighed on trading volumes, market players said. Frustration with high-speed computer algorithms operating on the major dealing platforms was also contributing to the decline.

On FXall, an electronic foreign exchange platform purchased by Thomson Reuters in August, average daily volumes rose to $100 billion in December from $79 billion a year ago and $95 billion in November. ■