GTX, the institutional FX arm of retail forex broker Gain Capital Holdings Inc (NYSE:GCAP), has reported near-record trading volumes during the month of September, right on the heels of a record August for GTX – quite a surprise given the usually quiet nature of summer currency trading in the institutional world.

GTX reported total trading volumes of $341.7 billion in September or $16.3 billion ADV. On a total volumes basis that was down slightly, by 4%, from August's record $357.3 billion, but on an average daily volume basis GTX saw volumes up to a record $16.3 billion versus $15.5 billion ADV in August, as there were less trading days in September.

September 2017	Total Volume		ADV
ECN + SEF	278,971		13,284
Swap Dealer	62,759		2,989
Total	341,730		16,273
% Change vs. August 2017	Total Volume		ADV
ECN + SEF	0%		9%
Swap Dealer	-19%		-11%
Total	-4%		5%
% Change vs. September 2016	Total Volume		ADV
ECN + SEF	50%		57%
Swap Dealer	-7%		-3%
Total	35%		41%

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