As of June 2016 Interactive Brokers controlled about 7% of the American retail forex market with almost $32 million in obligations, according to the latest Commodity Futures Trading Commission’s (CFTC) monthly report on Futures Commission Merchants (FCMs) and Retail Foreign Exchange Dealers (RFEDs). This raises the question: where will all these traders with less than $10 million go now?
Book sale?
The first thing we would have expected to happen in any other market is that Interactive Brokers would sell its client book to one of the remaining players in the market. Both OANDA and GAIN Capital could use the added market share to effectively match the size of FXCM, and TD Ameritrade could almost double the client assets of its forex branch.
The problem is that neither Interactive Brokers nor any of the other brokers has so far announced that any deal is in the works. While it is possible that such an announcement will come soon, we need to consider that the situation in the American market might prevent this option from materializing.
The U.S. market has been contracting for years now under the heavy weight of compliance with NFA regulations. From feedback Finance Magnates received from firms that left American shores for greener pastures, it seems that the costs of operating in the US outweigh the benefits. Some even say that the only reason for brokers to remain in the U.S. at this point is branding - being an American player means that you stand in some of the stricter regulatory environments in the world, something that carries weight in unregulated markets such as China.
Just trade equities?
Under these conditions it is more than possible that no firm will choose to pay anything for Interactive Brokers' client book which could lead to a contraction in the overall market. Traders will have to proactively contact new forex brokers and manually open new accounts, or simply give up on leveraged Forex Trading completely. Considering that Interactive Brokers' forte is stock trading it is likely it will simply try to divert clients to that market.
If this will indeed be the case, it will mark another sad milestone in the slow death of the American retail forex industry.
As of June 2016 Interactive Brokers controlled about 7% of the American retail forex market with almost $32 million in obligations, according to the latest Commodity Futures Trading Commission’s (CFTC) monthly report on Futures Commission Merchants (FCMs) and Retail Foreign Exchange Dealers (RFEDs). This raises the question: where will all these traders with less than $10 million go now?
Book sale?
The first thing we would have expected to happen in any other market is that Interactive Brokers would sell its client book to one of the remaining players in the market. Both OANDA and GAIN Capital could use the added market share to effectively match the size of FXCM, and TD Ameritrade could almost double the client assets of its forex branch.
The problem is that neither Interactive Brokers nor any of the other brokers has so far announced that any deal is in the works. While it is possible that such an announcement will come soon, we need to consider that the situation in the American market might prevent this option from materializing.
The U.S. market has been contracting for years now under the heavy weight of compliance with NFA regulations. From feedback Finance Magnates received from firms that left American shores for greener pastures, it seems that the costs of operating in the US outweigh the benefits. Some even say that the only reason for brokers to remain in the U.S. at this point is branding - being an American player means that you stand in some of the stricter regulatory environments in the world, something that carries weight in unregulated markets such as China.
Just trade equities?
Under these conditions it is more than possible that no firm will choose to pay anything for Interactive Brokers' client book which could lead to a contraction in the overall market. Traders will have to proactively contact new forex brokers and manually open new accounts, or simply give up on leveraged Forex Trading completely. Considering that Interactive Brokers' forte is stock trading it is likely it will simply try to divert clients to that market.
If this will indeed be the case, it will mark another sad milestone in the slow death of the American retail forex industry.
£3M Post Tax Loss Marks Transitional Year for UK-Based APM Capital, Previously BUX
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
