The October over the counter (OTC) average daily volume of the major US forex broker Gain Capital (NYSE:GCAP) dropped 3.8% from September, to $9.1 billion, shows the monthly report of the company. In comparison to last October, the decline was even steeper – 31.7%.
The total OTC trading volume (US dollar equivalent of notional amounts traded) in October was $190.9 billion – down 8.2% from September and 34.8% from October 2015. This is the lowest monthly trading volume for the year so far, lower than that in August ($191.9 billion), which was the lowest since December 2013.
The number of active trading accounts (Accounts that executed a transaction during the last 12 months) also decreased to 131 277. This is 1.3% less than in September and 11.5% less than last October.
The institutional arm of Gain Capital – GTX – did somewhat better.
The ECN average daily volume rose 2.7% from September and 44.2% from last October, to reach $8.7 billion. Overall, however, the ECN volume in October was $182.6 billion – down 2% from September and up 37.6% from October.
The swap dealership had an average daily volume of $2.8 billion, 9.5% lower than September 2016 and an increase of 32.5% from October 2015, and a total volume of $58.4 billion, a decrease of 13.7% from September 2016 and an increase of 26.5% from October 2015.
Overall October was not very good for Gain Capital, which saw the price of its stock dip to a 52-week low of $5.16 on October 25 and slid below $5, to $4.59 on October 31.
Gain Capital Group was established in 2003 and went public on the NYSE in 2010. The company serves retail and institutional clients under the trading brands Forex.com, City Index, GTX, and Gain Capital. It is active in North America, Europe and the Asia Pacific regions. The broker offers trading in forex, commodities, and global equities. Its largest retail forex broker, Forex.com, also offers white label solutions for other forex brokers, operating throughout the world.