GTX, the institutional FX arm of retail forex broker Gain Capital Holdings Inc (NYSE:GCAP), has reported that June FX volumes increased by 24% MoM from May levels, thanks in part to the Brexit-driven volatility in the last week of June.
GTX saw record FX volumes of $24 billion on ‘Brexit Friday’.
ECN and SEF trading at GTX saw volumes average $9.6 billion daily during June, up 40% over May.
GTX’s swap dealer business actually saw a 16% decline during the month.
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 Volumes-June 2016 | |||
| June 2016 | Total Volume | ADV | |
| ECN + SEF | 212,261 | 9,648 | |
| Swap Dealer | 53,381 | 2,426 | |
| Total | 265,642 | 12,075 | |
| % Change vs. May 2016 | Total Volume | ADV | |
| ECN + SEF | 40% | 40% | |
| Swap Dealer | -16% | -16% | |
| % Change vs. June 2015 | Total Volume | ADV | |
| ECN + SEF | 18% | 18% | |
| Swap Dealer | -9% | -9% |
GTX has been making a growth push recently, adding senior FX sales staff from BTIG.
We are expecting June to be an up month for FX trading at both institutional and retail venues, following a very slow May. And Brexit didn’t hurt…
Stay tuned to LeapRate, we’ll bring you all the data and analysis when the figures become available.