GTX, the institutional FX arm of retail forex broker Gain Capital Holdings Inc (NYSE:GCAP), has reported that July FX volumes decreased by 13% MoM from June levels, coming in at $10.5 billion ADV.
In the ‘big picture’, however, July was still a fairly good month at GTX – remember that June’s volumes were up 24% MoM thanks in part to the Brexit-driven volatility in the last week of June. GTX saw record FX volumes of $24 billion on ‘Brexit Friday’ (June 24).
ECN and SEF trading at GTX saw volumes average $8.1 billion daily during July, down 16% from June.
GTX’s swap dealer business saw just a 2% decline during the month, to $2.4 billion ADV.
Note that the registered swap dealer is an agency voice service that executes trades in all FX products. GTX also operates GTX Swap Execution Facility (SEF), which currently supports NDF trading.