Interactive Brokers Gains US Market Share in May

Although there were no drastic moves in May, Interactive Brokers saw the largest upward momentum with retail client deposits rising

According to the latest tranche of data from the US Commodity Futures Trading Commission (CFTC), retail FX funds held at major US forex brokers have cumulatively declined by 1 percent. The seasonality of the trade could have been a factor as trading volumes in May registered declines in the US, particularly in the aftermath of a much stronger than usual first 4 months of the year.

The CFTC Retail Foreign Exchange Dealers’ (RFED) data also points out that Interactive Brokers stands out as the biggest beneficiary for the month. A rise in client funds held at the broker totaling 11.6 percent in May has contributed to a marked increase in the company’s market share. Interactive Brokers is now holding just about 11 percent of the US retail forex market.

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During the month, FXCM customers added almost 1 percent to their funds while GAIN Capital deposits increased almost 2.5 percent. Both of the publicly listed companies which started their business as RFEDs have continued holding first and second place in terms of market share and the nominal number of client deposits.

The biggest loser for the month of May turned out to be OANDA, which shed about 4 percent of its customers’ deposits. The decline during the month has brought the firm into third place in terms of cumulative market share with 21.8 percent. GAIN Capital has gone back to second place with 22 percent, while FXCM remains the leader with 33.4 percent.

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