GTX, Gain Capital’s institutional trading arm, posted strong average daily volumes (ADV) for the month of August.

Despite a typically slower seasonal activity in August, that was largely offset by the substantial decline in the US dollar’s value, FX markets were quite active, driven by a rally in the euro amid increasing speculation that the ECB is going to start tapering its bond purchases.

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Trading volumes transacted via GAIN Capital’s GTX ECN and SEF facilities totaled $279.81 billion in August. The figure is higher by 32 percent when compared to the volumes in July 2017. The number is also 86 percent higher when compared to a year ago.

ADV for August came in at $12.16 billion which was higher by 21 percent when compared to July 2017. The metric is also higher by 86 percent when compared to the same month last year. The ADV of $12.16 billion was also a record, beating the previous high set in January 2017 when ADV’s were $12.1 billion.

Total trading volumes for August came in at $357.3 billion, which was 33 percent more than the total in July 2017. The number was also 66 percent higher when compared to the same month last year.

GAIN Capital’s institutional arm has been gathering strength this year with growth year-on-year reaching impressive numbers. With FX volatility on the rise, retail brokers are also likely to report higher figures in August.