GAIN Capital’s GTX December FX volumes down 23%, but 2017 overall up 25% at $14.3 billion ADV


GTX forex volumes

It was a great year for GTX, the institutional FX arm of retail forex broker Gain Capital Holdings Inc (NYSE:GCAP), although it was a fairly slow December.

GTX has reported that trading volumes during the month of December were down 23% MoM to $247 billion versus $321 in November. On an average daily volume basis, December volumes at GTX were off 15%, $12.3 billion versus $14.6 billion ADV in November.

December is usually a slow month in institutional FX trading, with many if not most traders away from their desks or just fine tuning positions during the last two weeks of the months heading into Christmas-New Years week break.

Overall, GTX had a very strong year with volumes up 25% versus last year. For the full year 2017, GTX volumes averaged $14.3 billion daily versus $11.4 billion in 2016.

December 2017 Total Volume ADV
ECN + SEF             216,156               10,808
Swap Dealer               30,537                 1,527
Total            246,693              12,335
% Change vs. November 2017 Total Volume ADV
ECN + SEF -19% -11%
Swap Dealer -42% -36%
Total -23% -15%
% Change vs. December 2016 Total Volume ADV
ECN + SEF 7% 18%
Swap Dealer -56% -52%
Total -9% 0%
FY 2017 Total Volume ADV
ECN + SEF          2,979,576               11,504
Swap Dealer             720,937                 2,784
Total        3,700,513              14,288
% Change vs. FY 2016 Total Volume ADV
ECN + SEF          2,180,682                 8,387
Swap Dealer             779,423                 2,998
Total        2,960,106              11,385
ECN + SEF 37% 37%
Swap Dealer -8% -7%
Total 25% 25%

The data presented includes GTX’s swap dealer business which provides “voice” agency execution services, representing about 20% of total volumes.

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GAIN Capital’s GTX December FX volumes down 23%, but 2017 overall up 25% at $14.3 billion ADV

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