Findings from a report by Greenwich Associates showed that e-trading FX volumes rose by seven per cent between 2008 and 2009, despite an overall contraction within financial markets.
Across the globe the number of FX trades undertaken electronically increased to 58 per cent during 2009, higher than the 54 per cent recorded in 2008.
Peter DâAmario, Greenwich Associates consultant, said: âLast yearâs growth had two main drivers.
âAround the world, but particularly in the Americas and Asia, e-trading systems are attracting new customers. At the same time, existing users are increasing the share of their total FX trading volumes conducted via electronic execution.â
The report revealed that multi-bank e-trading platforms accounted for 40 per cent of the worldwide total FX trading during the period.
Further findings from Greenwich Associateâs study showed e-trading in Asia to have increased dramatically.
Electronic platforms accounted for half of all FX trading in Asia while almost two-thirds of FX trades in Japan were also conducted online.
By Jim Ottewill