Interdealer broker ICAP has reported that average daily electronic broking volumes in March set a new record of USD966.1bn, up from the previous mark of USD933.9 set in August 2007, amid c

Interdealer broker ICAP has reported that average daily electronic broking volumes in March set a new record of USD966.1bn, up from the previous mark of USD933.9 set in August 2007, amid continuing volatility in global financial markets. New records were also set for both fixed-income products on the BrokerTec platform and spot FX on the EBS platform.

Average monthly electronic broking volumes at ICAP in the first quarter reached USD923.2bn, up 24 percent from USD747.2bn in the same period of 2007. Spot FX volumes in the first quarter increased by 41 percent from the previous year and fixed-income volume increased 19 percent.

Fixed-income volumes traded on ICAP's BrokerTec platform, including US Treasury products, EU repo and US repo, increased by 12 percent year on year to USD713bn, compared with USD639.4bn in March 2007, while Spot FX traded on the EBS electronic platform increased by 34 per cent, from USD189.1bn to USD253.1bn. Three of the all-time top 10 trading days on EBS occurred last month.

'March 2008 marks another month of unprecedented electronic broking volumes at ICAP,' says David Rutter, deputy chief executive of ICAP Electronic Broking. 'We see this as evidence that the marketplace values the liquidity and features offered by our BrokerTec and EBS platforms.'