GAIN Capital GTX FX volumes cool in April down 14% MoM to $14.6 billion ADV


Following three months of strong FX trading volumes to start off the year, GTX – the institutional FX arm of retail forex broker Gain Capital Holdings Inc (NYSE:GCAP) – has reported that activity slowed somewhat during the month of April 2018.

GTX reported $306.5 billion of total trading activity in April between its ECN and SEF business ($279.0B) and its Swap Dealer activity ($27.5B), down from $374.5 billion in March, an 18% decline. On a daily average volume basis, activity was down 14% in April, $14.6 billion ADV versus March’s $17.0 billion.

GTX ECN set an average daily volume record of $16.1 billion in February, beating the $13.9 billion record from January by 16%. A total monthly ECN FX volume record of $322.7 billion was also set in February, despite the fewer number of trading days, beating January’s $305.0 billion. Heading into 2018, GTX’s previous record of $279.8 billion dates to August 2017.

April 2018 Total Volume ADV
ECN + SEF            278,981             13,285
Swap Dealer             27,500               1,310
Total          306,481            14,594
% Change vs. March 2018 Total Volume ADV
ECN + SEF            317,738             14,443
Swap Dealer             56,797               2,582
Total          374,535            17,024
ECN + SEF -12% -8%
Swap Dealer -52% -49%
Total -18% -14%
% Change vs. April 2017 Total Volume ADV
ECN + SEF            230,546             11,527
Swap Dealer             50,176               2,509
Total          280,721            14,036
ECN + SEF 21% 15%
Swap Dealer -45% -48%
Total 9% 4%

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

Outside of the volumes calc, GTX had a busy month in April, adding Bank of Tokyo executive Henry Durrant for FX liquidity management.

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GAIN Capital GTX FX volumes cool in April down 14% MoM to $14.6 billion ADV

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