GTX, the institutional FX arm of retail forex broker Gain Capital Holdings Inc (NYSE:GCAP), has reported that May volumes decreased by 12% from April, and were down by 1% from last year May.
ECN and SEF trading saw volumes average $6.9 billion daily during May.
Note that the registered swap dealer is an agency voice service that executes trades in all FX products. GTX also operates GTX Swap Execution Facility (SEF), which currently supports NDF trading.
GTX has been making a growth push recently, adding senior FX sales staff from BTIG.
We are expecting May to be a down month for FX trading at both institutional and retail venues, following fairly muted volatility during the month.
| GTX VOLUMES MAY 2016 | |||
| Total Volume* | ADV* | ||
| ECN and SEF | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 151,495 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6,886 | |
| Swap Dealer | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 63,173 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2,872 | |
| Total | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 214,668 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9,758 | |
| % Change vs. April 2016 | Total Volume | ADV | |
| ECN + SEF | -7% | -11% | |
| Swap Dealer | -9% | -13% | |
| Total | -8% | -12% | |
| % Change vs. May 2015 | Total Volume | ADV | |
| ECN + SEF | -2% | -6% | |
| Swap Dealer | 22% | 16% | |
| Total | 4% | -1% | |
| *USD millions |