FXCM Posts Record Quarterly Revenues and July Volume Metrics

FXCM has announced their second quarter financial results. Following a quarter of multiple record months, the firm announced $140.1 million

FXCM_120x60FXCM has announced their second quarter financial results. Following a quarter of multiple record months, the firm announced $140.1 million in revenues, an all-time high and 53% above the same period last year. US GAAP net income during the quarter was posted at $10.1 million, or $0.32/share. The income gains, compare to a loss that was announced in 2012. In addition, FXCM announced that revenues per million dollars traded was at $90, as the figure climbed back into the broker’s expected range of $90-100. The revenue figure compares to $88 last quarter.

During July, the world’s leading non-Japanese retail broker, continued to realize strong volume results. During the month, retail volumes reached $388 billion, the company’s third best month, while institutional trading volumes was $185 billion, the unit’s second best period. The retail volumes were only slightly below (2% lower) June’s all time high of $396 billion, showing the broker handled the industry wide decline in yen related trading well. Institutional volumes compared to $184 billion in June and a record $191 billion achieved in May. During the second quarter, total retail and institutional volumes were a record $1.7 trillion.

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Second Quarter 2013 Highlights:

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  • Revenues of $140.1 million, up 53% versus the same period in 2012
  • U.S. GAAP net income attributable to FXCM Inc. of $10.1 million or $0.32 per fully diluted share
  • Adjusted Pro Forma EBITDA of $54.5 million, up 159% versus the same period in 2012
  • Adjusted Pro Forma net income of $23.3 million or $0.31 per fully diluted share up 196% and 182%, respectively, versus the same period in 2012

July 2013 Operating Metrics
Retail Trading Metrics

  • Retail customer trading volume of $388 billion in July 2013, 2% lower than June 2013 and 35% higher than July 2012.
  • Average retail customer trading volume per day of $16.9 billion in July 2013, 17% lower than June 2013 and 30% higher than July 2012.
  • An average of 456,044 retail client trades per day in July 2013, 22% lower than June 2013 and 28% higher than July 2012.
  • Tradable accounts of 194,519 as of July 30, 2013, an increase of 3,521, or 2% from June 2013, and a decrease of 12,226 or 6%, from July 2012.

Institutional Trading Metrics

  • Institutional customer trading volume of $185 billion in July 2013, 1% higher than June 2013 and 208% higher than July 2012.
  • Average institutional trading volume per day of $8 billion in July 2013, 13% lower than June 2013 and 196% higher than July 2012.
  • An average of 44,139 institutional client trades per day in July 2013, 8% higher than June 2013 and 604% higher than July 2012.

Commenting on the quarter, FXCM Drew Niv stated “FXCM turned in one of its best quarters with record revenues and our second highest EBITDA ever — only slightly below the fourth quarter of 2008, when volatility spiked to levels more than double what we saw in the second quarter. We have expanded the scale of our business to the point that we were able to deliver outstanding results in a much more moderate climate.”

About July, Niv added “July continued the strong trading environment of the Second Quarter. We are pleased to report near-record levels in most of our key operating metrics.”

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