ASIC regulated Retail Forex broker IC Markets has reported on its corporate blog that it saw record trading volumes of USD $188 billion for the month of November, including $16.5 billion on the day of the US election, November 8.
The company reported that the main driver for the record volumes was strong domestic growth and an uptick in volatility.
Sydney-based IC Markets does not usually report its monthly volumes – indeed, this is the first piece of news on the company’s blog in nearly a year and a half – and the number is self-reported, so our readers can take it or leave it in terms of believability.
However the figure does indeed seem believable to us. We’ve already reported on record or near-record Forex trading volumes in November by leading eFX platforms such as Hotspot FX and FastMatch.
It also highlights the growth which leading Australia based brokers including AxiTrader, Pepperstone and IC Markets have seen in the past couple of years. Both the Australian domestic market, and the other Far East markets (including China) served by Australian based brokers, have driven much of that growth.
IC Markets Managing Director, Andrew Budzinski said:
2016 has been the biggest year on record for the company. Closing out the year on record volumes is testament that our strategy of focusing on the domestic market and customer service is paying off.
Andrew Ralich, the CEO of oneZero Financial, the Company’s primary execution and connectivity provider was quoted as well, saying
IC Markets has been an incredible growth story and is a client that we are extremely proud to have partnered and developed with over the last few years. The volumes that we see today through ICM’s oneZero Hub are a testament to their commitment to focusing on quality liquidity, execution and client relationship management. We are looking forward to continuing to work side-by-side with Andrew and his team to support another year of expansion in 2017.