GTX, the institutional foreign exchange (FX) unit of GAIN Capital Holdings Inc, has reached a new milestone, setting record quarterly volumes in Q1 2017 as well as on its ECN, per a group statement.
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In particular, GTX saw its overall volumes swell to $984.9 billion in Q1 2017, including $759.4 billion traded on its ECN. This figure overtook a previous quarterly record back in Q2 2014, which was $888.9 billion, shattering it by over 10.8 percent. Moreover, ECN volumes also managed to see a sustained jump during Q1 2017, an increase of 24.0 percent quarter-over-quarter from a previous $612.2 billion record set in the fourth quarter of 2016.
GTX’s $984.9 billion figure in Q1 2017 includes FX and precious metals trading activity on the ECN, along with trades executed by the firm’s registered swap dealer. The record trading volumes also came amidst a recent expansion of the GTX ECN, which had previously launched new ECN matching engines in London last October and in Tokyo earlier this year.
According to Vincent Sangiovanni, CEO, GTX Bermuda Ltd., in a statement on the volumes: “We are thrilled to see ECN volumes set consecutive quarterly volume records with this quarter’s 24 per cent jump and average daily volumes exceeding $11.6 billion. Our prime services and swap dealer also contributed significantly to the new record, reflecting the continued need for efficient credit extension, in the case of prime services, and the swap dealer’s expertise in handling challenging transactions for clients on an anonymous, agency basis.”