Following their earnings report, FXCM held its conference call presentation. You can check out the entire transcript of the call here. Below are areas that were of focus in the prepared presentation and Q&A session.
Revenues per million: Although Q1 2013 retail volumes were record breaking for FXCM, revenues were below 2012 levels. This was due to a drop in ‘retail revenue per million’ from $94 to $88. The decline brought the figure below $90-$100 level, which FXCM has stated on multiple conference calls as where they expect revenues per million to fall. CEO Drew Niv attributed this decline due an increase in volumes originating from Japan which has lower revenues per million as well as a higher proportion of yen volumes “ which saw a decline in the pip conversion from prior years when the Yen was worth more money.”
OptionsXpress : FXCM announced that optionsXpress, a division of Charles Schwab, had become a white lable partner of theirs. In terms of White Labels, beyond the ones that were announced, such as with ETrade and Barlcays, Niv said that they had more in the pipeline. He added that the existing partnerships are beginning to contribute.
Drew Niv, CEO FXCM
Institutional Business: As written yesterday, FXCM’s record quarterly revenues were driven by its institutional trading division. The unit was boosted by the acquisition of 50.1% of Lucid Markets. FXCM stated that Lucid achieved $361,000 in daily revenues during the first quarter which was 39% above Q4 2012 levels. During the Q&A, it was asked whether Lucid would be affected by potential changes at EBS or other firms to curb high frequency trading. Niv answered that it would be beneficial for Lucid as they aren’t the fastest ECN participants. He also pointed to Lucid’s 43% and 31% growth in trading at EBS and Thomson Reuters respectively, which shows they haven’t been hampered by changes that were enacted during 2012 at those venues.
Dealing Desk is a dud: The dealing desk account offering with lower spreads that was launched last year continues to be growing slowly. Niv stated that only around 1 of 10 new clients are choosing it.
Cash Flow : As in the past, FXCM has made an effort to highlight that investors should focus on cash flow. In that regard, FXCM posted $33 million in after tax cash flow during Q1, a 136% increase from Q1 2012. CFO Robert Lande commented on the cash flow importance “Our near term focus will be to reduce debt level somewhat but you can expect us to start ramping up returning capital to shareholders shortly through share repurchases and potentially dividend increases.”
Organic Growth/Caution: During the quarter FXCM experienced organic growth taking place in Japan and China. However, Niv on more than one occasion pointed out that despite an increase in Volatility; we are still around five year lows. As such, while the broker is positioning itself to be present in areas experiencing growth, they are still being cautious. Niv explained “we believe our best strategy to increase shareholder value is to increase the scale of the company and sizing geographic reach, while well diversifying our sources of revenue,” thus indicating they will continue to be searching for opportunistic M&A deals.
End of Principal Model: It’s not the first time it was mentioned, but Niv once again stated that he was skeptical that single dealer market making in retail FX would continue to be permitted by the major regulators. FXCM obviously has a vested interest in this, but their theory is that Dodd-Frank regulations are forcing more institutional trading to be conducted on multi-bank platforms. Therefore, it’s only a matter of time before this becomes a reality in retail FX. In the Q&A, Niv added that it was a “virtual certainty” that agency business will become mandatory among major regulatory jurisdictions. He also said that he imagined some firms with a principal model would make the switch, but others wouldn’t be able to survive; which fits in their theme that they see consolidation continuing.
Trading Breakdown: FXCM didn’t provide specifics, but Niv mentioned that EURUSD trading composed around 40% of volumes in 2012. In 2013, yen crosses, specifically GBPJPY, EURJPY, and the USDJPY account for between 50-60% of volumes, with the three pairs being the top three pairs traded during many days. Therefore, Niv explained that FXCM’s retail division was going through a shift in their trading activity which could continue to depress their overall revenue per millions number. Also, taking a look at these figures, it suggests that if FXCM were to strip out their Japan and China growth, overall trading may be stalling or in decline.
Following their earnings report, FXCM held its conference call presentation. You can check out the entire transcript of the call here. Below are areas that were of focus in the prepared presentation and Q&A session.
Revenues per million: Although Q1 2013 retail volumes were record breaking for FXCM, revenues were below 2012 levels. This was due to a drop in ‘retail revenue per million’ from $94 to $88. The decline brought the figure below $90-$100 level, which FXCM has stated on multiple conference calls as where they expect revenues per million to fall. CEO Drew Niv attributed this decline due an increase in volumes originating from Japan which has lower revenues per million as well as a higher proportion of yen volumes “ which saw a decline in the pip conversion from prior years when the Yen was worth more money.”
OptionsXpress : FXCM announced that optionsXpress, a division of Charles Schwab, had become a white lable partner of theirs. In terms of White Labels, beyond the ones that were announced, such as with ETrade and Barlcays, Niv said that they had more in the pipeline. He added that the existing partnerships are beginning to contribute.
Drew Niv, CEO FXCM
Institutional Business: As written yesterday, FXCM’s record quarterly revenues were driven by its institutional trading division. The unit was boosted by the acquisition of 50.1% of Lucid Markets. FXCM stated that Lucid achieved $361,000 in daily revenues during the first quarter which was 39% above Q4 2012 levels. During the Q&A, it was asked whether Lucid would be affected by potential changes at EBS or other firms to curb high frequency trading. Niv answered that it would be beneficial for Lucid as they aren’t the fastest ECN participants. He also pointed to Lucid’s 43% and 31% growth in trading at EBS and Thomson Reuters respectively, which shows they haven’t been hampered by changes that were enacted during 2012 at those venues.
Dealing Desk is a dud: The dealing desk account offering with lower spreads that was launched last year continues to be growing slowly. Niv stated that only around 1 of 10 new clients are choosing it.
Cash Flow : As in the past, FXCM has made an effort to highlight that investors should focus on cash flow. In that regard, FXCM posted $33 million in after tax cash flow during Q1, a 136% increase from Q1 2012. CFO Robert Lande commented on the cash flow importance “Our near term focus will be to reduce debt level somewhat but you can expect us to start ramping up returning capital to shareholders shortly through share repurchases and potentially dividend increases.”
Organic Growth/Caution: During the quarter FXCM experienced organic growth taking place in Japan and China. However, Niv on more than one occasion pointed out that despite an increase in Volatility; we are still around five year lows. As such, while the broker is positioning itself to be present in areas experiencing growth, they are still being cautious. Niv explained “we believe our best strategy to increase shareholder value is to increase the scale of the company and sizing geographic reach, while well diversifying our sources of revenue,” thus indicating they will continue to be searching for opportunistic M&A deals.
End of Principal Model: It’s not the first time it was mentioned, but Niv once again stated that he was skeptical that single dealer market making in retail FX would continue to be permitted by the major regulators. FXCM obviously has a vested interest in this, but their theory is that Dodd-Frank regulations are forcing more institutional trading to be conducted on multi-bank platforms. Therefore, it’s only a matter of time before this becomes a reality in retail FX. In the Q&A, Niv added that it was a “virtual certainty” that agency business will become mandatory among major regulatory jurisdictions. He also said that he imagined some firms with a principal model would make the switch, but others wouldn’t be able to survive; which fits in their theme that they see consolidation continuing.
Trading Breakdown: FXCM didn’t provide specifics, but Niv mentioned that EURUSD trading composed around 40% of volumes in 2012. In 2013, yen crosses, specifically GBPJPY, EURJPY, and the USDJPY account for between 50-60% of volumes, with the three pairs being the top three pairs traded during many days. Therefore, Niv explained that FXCM’s retail division was going through a shift in their trading activity which could continue to depress their overall revenue per millions number. Also, taking a look at these figures, it suggests that if FXCM were to strip out their Japan and China growth, overall trading may be stalling or in decline.
From “Unrealistically Good” To “Cesspool Of Gamesmanship”: How 40 Minutes Changed Minds On Prop Trading
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Educators, IBs, And Other Regional Growth Drivers
Educators, IBs, And Other Regional Growth Drivers
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
The Leap to Everything App: Are Brokers There Yet?
The Leap to Everything App: Are Brokers There Yet?
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Mind The Gap: Can Retail Investors Save the UK Stock Market?
Mind The Gap: Can Retail Investors Save the UK Stock Market?
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
