FXCM reports down 2015 4th qtr results; while February retail volumes fall 7% but institutional sees a boost


FXCM Inc. (NYSE:FXCM), a leading global provider of Forex trading services today announced for the quarter ended December 31, 2015, U.S. GAAP trading revenue from continuing operations of $65.4 million, compared to $93.5 million for the quarter ended December 31, 2014. U.S. GAAP net loss attributable to FXCM Inc. from continuing operations was $85.7 million for the quarter ended December 31, 2015, or $15.75 per fully diluted share, compared to U.S. GAAP net income attributable to FXCM Inc. from continuing operations of $13.3 million, or $2.92 per fully diluted share, for the quarter ended December 31, 2014.

For the twelve months ended December 31, 2015, U.S. GAAP trading revenue from continuing operations was $250.0 million, compared to $338.8 million for the twelve months ended December 31, 2014.  U.S. GAAP net loss attributable to FXCM Inc. from continuing operations was $513.6 million for the twelve months ended December 31, 2015 or $100.96 per fully diluted share, compared to U.S. GAAP net income attributable to FXCM Inc. from continuing operations of $11.9 million, or $2.70 per fully diluted share, for the twelve months ended December 31, 2014.

Results from operations for the quarter ended December 31, 2015 included a loss on derivative liability of $99.9 million and results from the twelve months ended December 31, 2015 included a loss on derivative liability of $354.7 million.  In each case, the loss/gain is a non-cash item relating to the increase/decrease in value of the Leucadia Letter Agreement.  The Letter Agreement is a component of the financing package provided by Leucadia National Corp. (“Leucadia”).

On January 15, 2015, FXCM’s customers suffered negative equity balances due to the unprecedented move in the Swiss Franc after the Swiss National Bank (“SNB”) discontinued its peg of the Swiss Franc to the Euro.  On January 16, 2015, FXCM entered into a financing agreement with Leucadia that permitted FXCM’s regulated subsidiaries to meet their regulatory capital requirements and continue normal operations after significant losses were incurred resulting from the events of January 15, 2015.

U.S. GAAP trading revenue from discontinued operations for the quarter ended December 31, 2015 was $11.3 million, compared to $31.2 million for the quarter ended December 31, 2014.  U.S. GAAP net loss attributable to FXCM Inc. from discontinued operations was $19.3 million for the quarter ended December 31, 2015, or $3.54 per fully diluted share compared to U.S. GAAP net income attributable to FXCM Inc. from discontinued operations of $2.5 million, or $0.54 per fully diluted share, for the quarter ended December 31, 2014.

U.S. GAAP trading revenue from discontinued operations for the twelve months ended December 31, 2015 was $71.5 million, compared to $102.5 million for the twelve months ended December 31, 2014.  U.S. GAAP net loss attributable to FXCM Inc. from discontinued operations was $40.3 million for the twelve months ended December 31, 2015, or $7.93 per fully diluted share, compared to U.S. GAAP net income attributable to FXCM Inc. from discontinued operations of $5.3 million or $1.20 per fully diluted share, for the twelve months ended December 31, 2014.

Adjusted EBITDA from continuing and discontinued operations for the quarter ended December 31, 2015 was $12.6 million, compared to $40.8 million for the quarter ended December 31, 2014.

Adjusted EBITDA from continuing and discontinued operations for the twelve months ended December 31, 2015 was $38.2 million, compared to $107.3 million for the twelve months ended December 31, 2014.

FXCM also today announced certain key customer trading metrics for February 2016. Monthly activities included:

February 2016 Customer Trading Metrics from Continuing Operations

Retail Customer Trading Metrics

  • Retail customer trading volume of $309 billion in February 2016, 7% lower than January 2016 and 36% higher than February 2015.
  • Average retail customer trading volume per day of $14.7 billion in February 2016, 11% lower than January 2016 and 29% higher than February 2015.
  • An average of 654,287 retail client trades per day in February 2016, 5% lower than January 2016 and 45% higher than February 2015.
  • Active accounts of  175,522 as of February 29, 2016, an increase of  3,627, or 2%, from January 2016, and an increase of 6,374, or 4%, from February 2015.
  • Tradeable accounts of  165,279 as of February 29, 2016, an increase of  2,643, or 2%, from January 2016, and a decrease of 19,198, or 10%, from February 2015.

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Institutional Customer Trading Metrics

  • Institutional customer trading volume of $53 billion in February 2016, 47% higher than January 2016 and 18% higher than February 2015.
  • Average institutional trading volume per day of $2.5 billion in February 2016, 39% higher than January 2016 and 14% higher than February 2015.
  • An average of 50,373 institutional client trades per day in February 2016, 24% higher than January 2016 and 380% higher than February 2015.

For the official release click here.

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FXCM reports down 2015 4th qtr results; while February retail volumes fall 7% but institutional sees a boost

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