The
positive trend of the largest FX brokers continues for the sixth consecutive
month, as reflected in the total client deposits. Their combined value rose in
February to over $542 million, marking an improvement of 2.3% compared to January’s
figures, as the Commodity Futures Trading Commission (CFTC) reported.
The exact
value of FX deposits in the US reached $542,302,015, growing by nearly $13
million compared to January 2024, which was one of the strongest months in
recent times.
Consequently,
this statistic marks the sixth month of recovery from the September lows, when
it hit the level of $516 million.
Gain
Capital remains the leader in the ranking, with deposits at $209.4 million, which increased 21%, or $4.4 million, over the month.
The most significant percentage uplift for
another consecutive month was recorded by Trading.com, whose deposit value grew 14%. However, it’s worth noting that they are the smallest nominally,
totaling $1.6 million. This percentage jump thus translated into a boost of
nearly $224,000.
Deposits at
IG US saw a significant rise, increasing 4.6% to $57.9 million. IG financial network’s tastytrade announced Tuesday a significant expansion in Chicago and the opening of a new office.
Only Interactive Brokers reported a decrease in FX deposits, with the value falling $1.1 million (3.6%) to $30.9 million. The company recently reported strong results for the last quarter, with net revenue reaching $1.14 billion, significantly growing compared to the same period a year
earlier.
CFTC Regulatory Reporting
Summary
The
Commodity Futures Trading Commission required that Retail Foreign Exchange
Dealers (RFEDs) and Futures Commission Merchants (FCMs) submit monthly reports
detailing their financial status. These compulsory reports to the CFTC include
crucial financial details like adjusted net capital, client assets, and total
retail forex commitments.
Retail
forex commitments represent the overall resources, such as money, securities,
and other valuable assets, held by FCMs or RFEDs on behalf of their retail
forex customers, adjusted for gains and losses.
Out of the
62 registered RFEDs and FCMs, a specific subset of six (Charles Schwab, Gain
Capital, IG, Interactive Brokers, OANDA, and Trading.com) are involved in
activities necessitating the public disclosure of their financial obligations .
According
to a recent Finance Magnates report, FCMs are increasing their
investments in front-end technology. This move aims to enhance operational
efficiency and secure a competitive advantage in the increasingly tight and
competitive derivatives market.
The
positive trend of the largest FX brokers continues for the sixth consecutive
month, as reflected in the total client deposits. Their combined value rose in
February to over $542 million, marking an improvement of 2.3% compared to January’s
figures, as the Commodity Futures Trading Commission (CFTC) reported.
The exact
value of FX deposits in the US reached $542,302,015, growing by nearly $13
million compared to January 2024, which was one of the strongest months in
recent times.
Consequently,
this statistic marks the sixth month of recovery from the September lows, when
it hit the level of $516 million.
Gain
Capital remains the leader in the ranking, with deposits at $209.4 million, which increased 21%, or $4.4 million, over the month.
The most significant percentage uplift for
another consecutive month was recorded by Trading.com, whose deposit value grew 14%. However, it’s worth noting that they are the smallest nominally,
totaling $1.6 million. This percentage jump thus translated into a boost of
nearly $224,000.
Deposits at
IG US saw a significant rise, increasing 4.6% to $57.9 million. IG financial network’s tastytrade announced Tuesday a significant expansion in Chicago and the opening of a new office.
Only Interactive Brokers reported a decrease in FX deposits, with the value falling $1.1 million (3.6%) to $30.9 million. The company recently reported strong results for the last quarter, with net revenue reaching $1.14 billion, significantly growing compared to the same period a year
earlier.
CFTC Regulatory Reporting
Summary
The
Commodity Futures Trading Commission required that Retail Foreign Exchange
Dealers (RFEDs) and Futures Commission Merchants (FCMs) submit monthly reports
detailing their financial status. These compulsory reports to the CFTC include
crucial financial details like adjusted net capital, client assets, and total
retail forex commitments.
Retail
forex commitments represent the overall resources, such as money, securities,
and other valuable assets, held by FCMs or RFEDs on behalf of their retail
forex customers, adjusted for gains and losses.
Out of the
62 registered RFEDs and FCMs, a specific subset of six (Charles Schwab, Gain
Capital, IG, Interactive Brokers, OANDA, and Trading.com) are involved in
activities necessitating the public disclosure of their financial obligations .
According
to a recent Finance Magnates report, FCMs are increasing their
investments in front-end technology. This move aims to enhance operational
efficiency and secure a competitive advantage in the increasingly tight and
competitive derivatives market.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.financemagnates.com//forex/gain-capital-maintains-dominance-as-us-fx-deposits-surge-in-february-2024/
