Monex’s FX Volumes, DARTs Sink to 2016 Lows

The monthly swoon in 2016 has continued into March with its FX business plunging MoM.

Monex Group has reported its monthly business metrics and foreign exchange (FX) volumes for March 2016, which were underpinned by withering figures on both fronts in what has been its worst month of the calendar year thus far, according to a Monex statement.

The Japanese broker’s Daily Average Revenue Trades (DARTs) had already been in decline since January, and have now exacerbated this trend by reporting a figure of 288,349 DARTs during March 2016 – this was reflective of a loss of -18.6% MoM from 354,366 DARTs in February 2016. Over a yearly timeframe, the latest figure was slightly mitigated, incurring a decline of -10.4% YoY from 321,773 back in March 2015.

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Year-to-date so far, Monex has incurred a loss of -19.8% across this figure as it looks to rebound in the coming months.

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Moving to its global FX business, Monex disclosed a monthly trading value of only $28.3 billion during March 2016, plunging -34.0% MoM from $42.9 billion in February 2016, its worst performance since back in November of 2015. When measured against its 2015 equivalent, Monex’s global FX volume was also lower by a factor of -31.0% YoY from $41.0 billion in March 2015.

The broker could not get back on track during March despite an additional two business days, 22 vs last month’s 20. This was offset slightly by an increase in accounts at Monex during March 2016, rising to 1,635,172 accounts from 1,628,560 accounts in February 2016, or 4.0% MoM. Looking at Monex’s FX business, the number of over-the-counter (OTC) FX accounts came in at 223,365, up from 222,404 accounts in February 2016 or less than 1.0% MoM.

Finally, the average trade value per day across Monex’s FX OTC business yielded ¥141,385 million in March 2016, falling -30.7% MoM from ¥204,044 in February 2016. DARTs in this realm also fell to 176,106 this month, down from 217,039 in February 2016, justifying a loss of -18.9% MoM.

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