GAIN Capital Edges OANDA for Second Spot in US Retail FX Market Share

The total number of funds held at brokerages increased by 4.66 per cent in May.

The Commodity Futures Trading Commission (CFTC) has published its latest set of data which looks at the clients assets held at regulated brokerages operating in the US. The figures show that the race for second spot between GAIN Capital and OANDA is far from over as client assets ticked higher during the month of May.

FXCM has expanded its lead over the pack, with monthly client funds gains surpassing 8 per cent. GAIN Capital edged OANDA for second and TD Ameritrade and Interactive Brokers held 4th and 5th position when it comes to retail clients funds held at FX trading accounts.

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The total number of funds held at brokerages increased by 4.66 per cent in May, when compared to the previous month. With merely one month of growth, it is too early to call the bottom in retail forex funds at US brokers.

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FCMs, retail forex, us
Retail Forex Obligations at U.S. brokerages, May 2016

The figures published by the CFTC also show the botched attempt of Philipp Capital to enter the U.S. market. The company operated for two weeks, before withdrawing from the market.

The Chicago based broker dealer was expecting the SEC to rethink its position post-Dodd Frank in 2011 on retail foreign exchange, an intention which the regulator has never voiced publicly.

forex brokers, us
U.S. forex brokers market share, May 2016

Looking at the current market share, FXCM holds about 35 per cent, with GAIN Capital and OANDA both holding 25 per cent of the market. TD Ameritrade now has expanded its lead over Interactive Brokers with funds held at the company growing 8 per cent, while Interactive Brokers was the only company that trailed behind as its client funds in retail FX dropped by a notch over 3 per cent.

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