GAIN Capital Reports Weak Volumes in October due to GFT Migration

The brokerage also reported that daily futures averaged 32,649 contracts, a decrease of 14.2% from September 2015 and 12.0% from

GAIN Capital Holdings, Inc. (NYSE: GCAP) has just released its operating metrics for the month of October 2015. The figures show that the American brokerage has suffered another disappointing month even compared with September’s already low performance.

The over-the-counter (OTC) average daily volume reached only $12.0 billion, a decrease of 18.1% from September 2015 but at least an increase of 1.1% from October 2014. In total, the OTC trading volume was $264.4 billion, a decrease of 18.1% from September 2015 and 3.3% from October 2014. 

The brokerage had 148,328 active OTC accounts during the month, a decrease of 1% from September 2015 and an increase of 57.5% from October 2014. It also reported that daily futures averaged 32,649 contracts, a decrease of 14.2% from September 2015 and 12.0% from October 2014. In total for the month, futures contracts reached 685,628, a decrease of 14.2% from September 2015 and 16.0% from October 2014.

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As for GAIN Capital’s institutional side of the business, GTX daily volume averaged $14.2 billion, a decrease of 10.4% from September 2015 and 18.1% from October 2014. In total, GTX volume reached $311.5 billion, a decrease of 10.4% from September 2015 and 21.7% from October 2014.

“In October, customers were migrated off a legacy GFT trading platform as part of the Company’s planned City Index integration activities. This resulted in decreased trading activity in the month as customers transitioned onto new trading technology. In addition, a number of underperforming partners were terminated in advance of the platform migration, which also contributed to the decline in trading volume during the month,” explains Glenn Stevens, Chief Executive Officer.

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Last week, GAIN Capital reported its financial results for Q3 2015, which in contrast with October’s trading volumes showed a general rebound across the board, snapping a lackluster Q2 earnings release.

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