GAIN Capital registers continued decline in retail, institutional trading volumes in March

Online trading services provider Gain Capital Holdings Inc (NYSE:GCAP) has just published its key operating metrics for March 2016, which saw retail and institutional trading volumes decline, continuing a trend already exhibited in February 2016.

The drop is barely surprising given that most of the FX trading services providers have thus far posted month-on-month decreases in trading volumes too. In fact, the month-on-month drop that GAIN reported for March – at 3.5% for retail, and at 2.8% for institutional volumes, is much smaller than the 20%-30% decline reported by other FX trading venues.

Below are the highlights.

Retail Segment Metrics

  • OTC average daily volume of $11.6 billion, a decrease of 11.9% from February 2016 and 23.0% from March 2015.
  • OTC trading volume of $266.7 billion, a decrease of 3.5% from February 2016 and 19.5% from March 2015.
  • Active OTC accounts of 136,559, a decrease of 5.0% from February 2016 and an increase of 37.9% from March 2015.


Institutional Segment Metrics

  • ECN average daily volume of $7.4 billion, a decrease of 11.2% from February 2016 and 19.1% from March 2015.
  • ECN volume of $169.1 billion, a decrease of 2.8% from February 2016 and 15.4% from March 2015.
  • Swap Dealer average daily volume of $2.8 billion, a decrease of 8.2% from February 2016 and 33.6% from March 2015.
  • Swap Dealer volume of $64.3 billion, an increase of 0.6% from February 2016 and a decrease of 30.6% from March 2015.

Futures Segment Metrics

  • Futures average daily contracts of 35,561, a decrease of 3.9% from February 2016 and 15.8% from March 2015.
  • Futures contracts of 782,352, an increase of 5.7% from February 2016 and a decrease of 15.8% from March 2015.
  • Active futures accounts of 8,890, an increase of 0.8% from February 2016 and an increase of 3.8% from March 2015.

Management Commentary

“The increase in volatility we saw in the latter half of Q4 2015 continued into Q1 2016 which resulted in GAIN’s retail revenue per million tracking roughly 10% above our Q4 2015 levels,” remarked Glenn Stevens, Chief Executive Officer. “In addition, retail volume generated from the indirect business represented 46% of total retail OTC trading volume in the quarter,” Mr. Stevens concluded.

You can view the full announcement from Gain Capital by clicking here.

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GAIN Capital registers continued decline in retail, institutional trading volumes in March


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