GTX, the institutional FX arm of retail forex broker Gain Capital Holdings Inc (NYSE:GCAP), has reported a 10% decline in trading volumes during the month of October, after seeing near-record trading volumes during the months of August and September.
The weaker volumes, although still strong on a historical basis, were driven by low currency volatility over the past few weeks, with the benchmark EURUSD currency pair trading in a tight 1.16-1.18 band throughout most of the month.
GTX reported total trading volumes of $322.9 billion in October or $14.7 billion ADV. On a total volumes basis that was down slightly, by 6%, from September’s near record $341.7 billion, but on an average daily volume basis GTX saw volumes down 10%, as there were more trading days in October than September.
| October 2017 | Total Volume | ADV | |
| ECN + SEF | 250,450 | 11,384 | |
| Swap Dealer | 72,455 | 3,293 | |
| Total | 322,905 | 14,678 | |
| % Change vs. September 2017 | Total Volume | ADV | |
| ECN + SEF | -10% | -14% | |
| Swap Dealer | 15% | 10% | |
| Total | -6% | -10% | |
| % Change vs. October 2016 | Total Volume | ADV | |
| ECN + SEF | 37% | 31% | |
| Swap Dealer | 24% | 18% | |
| Total | 34% | 28% |
The data presented includes GTX’s swap dealer business which provides “voice” agency execution services, representing about 20% of total volumes.