LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Retail forex broker FXCM, the operating unit of Global Brokerage Inc (NASDAQ:GLBR), reported fairly healthy FX trading volumes for the month of August, in line with what we’ve seen from a number of other leading eFX providers.
FXCM volumes were $223 billion in August, up 13% over July, making the month one of FXCM’s best so far in 2017. On a average daily volume basis trading was up just 3% at $9.7 billion ADV, given that there were more trading days in August than July.
FXCM averaged 339,512 client trades per day in August 2017, 5% higher than July. Active accounts of 123,411 as of August 31, 2017 were a slight decrease of 705 accounts from July.
FXCM’s parent company Global Brokerage Inc continues to operate under the cloud of being delisted from Nasdaq by the end of October, with the value of its publicly traded shares remaining well below the $15 million required threshold. If that happens then that could trigger a technical default in Global Brokerage’s convertible notes which, in turn, could trigger a technical default in FXCM’s own debt to Leucadia – despite recent pronouncements from FXCM that it is somehow immune to the problems of its parent company.