DMM Securities, the world’s second largest FX broker, has posted disappointing trading performance for the month of August. The Japanese broker saw figures drop significantly from a month earlier, a 40% decline in total monthly volumes. The firm reported trading values at $583.1 billion for the month.
The Tokyo based broker joined rival GMO Click, who reported their figures earlier this week, reporting a 25% drop. DMM Securities was part of the $1 trillion plus pact of brokers when it published monthly volumes in June this year. In July, the broker that was formerly known as SVC Securities Co, saw a steady 10% drop, however, the current drop in volumes is a major brunt for the firm.
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Japan is the world’s most established market place for online retail FX trading in regards to client equity, number of trading accounts and trading volume. In the latest BIS triennial volumes report, Japan lost its bronze place position to Singapore, and dropped to fourth place. According to the report, Japan has 5.6% market share.
Japanese brokers have started to explore new regions in an attempt to diversify their client base. DMM joins the growing list who are setting up shop in other jurisdictions such as London, Sydney or Hong Kong. DMM was approved by Australia’s financial watchdog in June this year.