Leading off our retail and institutional FX volume results reports for the first month of 2018, GTX – the institutional FX arm of retail forex broker Gain Capital Holdings Inc (NYSE:GCAP) – has reported that it saw record activity in January 2018.
GTX ECN set an average daily volume record $13.9 billion, beating the previous $13.3 billion record from September 2017. A total monthly volume record of $305.0 billion was also set this month. The previous record of $279.8 billion dates to August 2017.
The month included a record volume day on January 25, 2018 at GTX. ECN volume hit $23.0 billion. The previous record of $19.9 billion was set June 24, 2017, thanks to the surprise result of the Brexit vote.
When compared with overall volumes last January, this month’s ECN records were offset by declines in swap dealer activity.
| January 2018 (in million) | Total Volume | ADV | |
| ECN + SEF | 305,017 | 13,864 | |
| Swap Dealer | 55,987 | 2,545 | |
| Total | 361,003 | 16,409 | |
| % Change vs. December 2017 | Total Volume | ADV | |
| ECN + SEF | 41% | 28% | |
| Swap Dealer | 83% | 67% | |
| Total | 46% | 33% | |
| % Change vs. January 2017 | Total Volume | ADV | |
| ECN + SEF | 15% | 15% | |
| Swap Dealer | -42% | -42% | |
| Total | -1% | -1% |
The data presented includes GTX’s swap dealer business which provides “voice” agency execution services, representing about 20% of total volumes.