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FXCM Group reported a consolidated trading volume of $225 billion in March, which is the first month when the broker completely stopped servicing US clients. The figure represents a monthly decline of 5.9% and an annual drop of 40%.
However, if past US operations are excluded from the picture, last month’s volume is 12% higher than in February and 28% below the levels recorded a year earlier.
As of 27 February, 2017, Gain Capital acquired the US client base of FXCM after the broker was banned from operating in the country. FXCM was charged with taking positions against customers.
If compared to the monthly metrics in 2016, FXCM’s March’s trading volume was lower than any month last year.
The number of tradable accounts with the broker was flattish over the month at slightly more than 109,000. However, active accounts (both retail and institutional) dropped 25.5% on the month and year-on-year to 130,832 in March. When excluding US operations from the past performance, FXCM’s active accounts slightly grow 0.2% on a monthly basis and 1% on the year.
Meanwhile, Gain Capital reported a 40.5% monthly growth in retail trading volume to $239.2 billion last month after adding FXCM’s US clients to its portfolio.
FXCM Group is the holding company of the FXCM group of companies. It operates via several subsidiaries, including UK-licensed Forex Capital Markets Ltd. and Australia-regulated FXCM Australia Pty. Ltd. The company is majority owned by Global Brokerage Inc., which until recently was known as FXCM Inc., and 49.9% owned by US lender Leucadia National Corp.
FXCM provides both retail and institutional services.