Australia-based forex broker International Capital Markets, trading as IC Markets, said on Thursday it generated a record-high trading volume of $ 188 billion in November 2016. On the day of the US election alone, the broker saw a volume of $16.5 billion.
The main driver for the record volumes is the company’s strong domestic growth and an uptick in volatility, IC Markets’ statement read.
“2016 has been the biggest year on record for the company,” said Andrew Budzinski, IC Markets managing director. “Closing out the year on record volumes is testament that our strategy of focusing on the domestic market and customer service is paying off,” he added.
The broker does not post monthly trading metrics on a regular basis. Other Australian brokers rarely report such data, either. Other brokers who publish their trading metrics have not reported their monthly volumes for November yet. However, compared to the latest data available, the monthly metrics of IC Markets would put it as the world’s top sixth forex broker by largest trading volume. It is outperformed by forex giants GMO Click Securities, FXCM, Saxo Bank, Exness, and Gain Capital.
IC Markets, headquartered in Sydney, is an electronic communication network (ECN) broker of forex and contracts for difference (CFDs) that serves individual traders, money managers and institutional customers. It is regulated by the Australian Securities and Investments Commission (ASIC) and is among the leading Australian brokers.