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Screenshot of a breaking news alert e-mail from Q2 2017
Retail Foreign Exchange Dealers (RFEDs) in the U.S saw a slight bump up in assets held from April to May per data reported by the CFTC today. U.S. regulated RFEDs saw client assets slightly increase 1.18% during the month of May to $568 million, up from the $562 million reported in April.
April was the second lowest total since record keeping began, with the lowest being in December 2014 when $551 million in assets were reported (see chart below). It is possible U.S. FX brokers have turned the corner with plenty of volatility in the market to keep traders busy.
Among the US industry leaders, FXCM Inc (NYSE:FXCM) was up 0.9% and Gain Capital Holdings Inc (NYSE:GCAP) recovered another 2..43%, while OANDA lost market share down 4.1% from the previous month. The industry in the US still remains highly concentrated, with the ‘Big Three’ aforementioned brokers accounting for 70% of market share.
Could it be Interactive Brokers, whose FX offering catering to the more sophisticated clientele be in position to further grab market share away from the big 3? Or are they happy with their professional oriented niche as the minimum deposit still remains $10,000.
To view the official release (PDF) from the CFTC, click here.