Japanese retail FX giant MONEX Group has today announced its monthly volume figures for August 2014, which represent a minor increase in total trading volume compared to last month.
During August, MONEX Group’s total FX trading volume across all regions was $29.3 billion, compared with $29.0 billion in July this year. Whilst this represents a minor increase, it is worthy of note that July’s FX volume results at MONEX Group were its lowest since the notoriously difficult times experienced by many firms in 2012.
The implementation by the Japanese Financial Services Agency in early 2013 of a mandatory leverage restriction to a maximum 1:25 did not curtail trading activity during that year, in which MONEX group’s global FX volume during August 2013 had reached $50.8 billion.
Despite the woes experienced by many FX companies globally this year, MONEX had begun 2014 with a veritable spring in it step, with January’s FX volume standing at $50.9 billion, only declining slowly thereafter. With July and August having been completely lackluster by comparison, it is evident that even large companies with a loyal Japanese client base are not immune from the doldrums.
In terms of Daily Average Revenue Trades (DARTs), MONEX Group processed 289,854 per day in August, which is down considerably from that of July, and represents the lowest figure since the beginning of 2013.
OTC FX trading at MONEX Group reflects similar activity. Whilst the company’s OTC FX DARTs equated to 64,557 million yen in August compared to a paltry 59,730 in July, this figure is still wide of the mark when looking at the performance prior to March this year. From the first quarter of 2013 until March this year, the number of OTC FX daily average revenue trades at MONEX Group was almost double, and in some months more than double, that of the recent monthly postings.
As far as MONEX Group’s North American subsidiary TradeStation is concerned, DARTs have taken a tumble to the lowest point in over a year, standing at 134,882, representing a considerable reduction over the 143,404 achived in July, itself having been lower than any month in over one year.
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