Following two consecutive months of record 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 it continued its strong Q1 with another stellar month in March.
GTX reported $374.6 billion of total trading activity in March between its ECN and SEF business ($317.8B) and its Swap Dealer activity ($56.8B). That total volume figure is basically identical to February’s $376.4 billion, although on an average daily volume basis was down 10%, given the fewer trading days in February.
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.
| March 2018 | Total Volume | ADV | |
| ECN + SEF | 317,798 | 14,445.36 | |
| Swap Dealer | 56,797 | 2,581.66 | |
| Total | 374,595 | 17,027 | |
| % Change vs. February 2018 | Total Volume | ADV | |
| ECN + SEF | -2% | -10% | |
| Swap Dealer | 6% | -4% | |
| Total | 0% | -10% | |
| % Change vs. March 2017 | Total Volume | ADV | |
| ECN + SEF | 17% | 22% | |
| Swap Dealer | -16% | -12% | |
| Total | 11% | 16% |
The data presented includes GTX’s swap dealer business which provides “voice” agency execution services, representing about 20% of total volumes.