FXCM’s quarterly results remain stable, in spite payments to Leucadia

FXCM’s quarterly results remain stable, in spite payments to Leucadia

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FXCM’s (NYSE:FXCM) net quarterly revenue for the period ended on March 31, 2016 reached $71.5 million, up 6.7% from the last quarter of 2015 and 9% higher than Q1 2015.

In the same period in Q1 2016 the retail volume of FXCM was $931 billion, relatively consistent with Q1 2015. The Dealing Desk initiative for smaller clients generated 19% of the retail volume, up from the 16% in Q4 2015.

The average daily volume (ADV) in Q1 2016 was $14.5 billion, slightly down from $14.7 billion in the preceding quarter and from 14.8 billion in Q1 2015. The daily average trades (DARTS) in Q1 2016 rose 26.2% from Q4 2015 and reached 632 600. They were also up 21.2% from Q1 2015.

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The other operating metrics of FXCM for Q1 2016, remain mostly unchanged from the same quarter of 2015. The trading revenue in the period was $69.7 million, up barely 0.8% from $69.2 million in Q1 2015.

At the same time the company boasts a 173% increase in Adjusted EBITDA year over year from $3.4 million in Q1 2015 to $9.3 million in Q1 2016 from continuing operations.

At the total operating expenses in Q1 2016 decreased almost fivefold – from $341,7 million in Q1 2015, to $70.8 million in the same quarter of this year.

Meanwhile, FXCM continues to actively market some of its non-core assets, but notes it is in no hurry to sell and is seeking greater value through additional time.

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“Based on the current market environment, the key metrics on our retail FX business are healthy,” the company notes. Total active accounts increased 3% year over year, daily average trades increased 21% and total customer equity as of March 31, 2016 was $633.2 million.

In the same period, FXCM made payments of principal and interests to Leucadia National Corporation, under the loan from January 2015. In the period the broker has repaid $117 million of principal due to Leucadia with $193 million outstanding.

In spite of this, however, the broker’s cash position remains stable and is very similar to where it was at year-end, with combined continuing and discontinued operations cash of $235.7 million and a regulatory surplus of $107 million.

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