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FXCM Announces Record Retail, Institutional Forex Volumes for 2013

FXCM, the major US Forex broker, has just announced its results for the past year, with the group boasting record levels of both institutional and retail Forex trading volumes. 
 
Let's kick off with the retail metrics as FXCM is a global leader in this segment: retail Forex volumes amounted to stunning $4.1 trillion, a rise of 13% from the reading in 2012 and an all-time high for the broker. The robust reading indicates that the broker has managed to withstand the effects of more subdued volatility in the second half of 2013 and is thriving in this respect. The group is not abandoning its plans to boost its retail business via mergers and acquisitions – you may recall that an intention for another big deal in this area was stated by Drew Niv, FXCM's chief executive officer during the earnings call following the release of the third-quarter results. 
 
The institutional volumes also hit a record level in 2013: they amounted to $2 trillion, staging a jump of 72% year-on-year.  By the way, this is a figure which equals the institutional volumes of Forex.com in 2012. The rivalry is really gathering pace. 
 
Talking of institutional business, FXCM mentioned some details about the acquisition of Inifinium Capital, the troubled high-speed trading firm from Chicago. It became apparent that FXCM will hold a 50.1% stake in the new venture, while principals of Lucid Markets will hold 49.9%. 
 
But you must be anxious about the financial metrics. Annual net income reached $14.8 million, a jump of 66% from the level seen in 2012.  Full-year revenues amounted to $489.6 million: not only was the reading 17% higher from the preceding year, but it marked a record for FXCM. 
 
The fourth quarter was also solid for revenues, as they rose 5% year-on-year to $113.3 million in the three-month period. Adding to the positive news, the number of active accounts in the quarter rose 7% to 183,679.
 
 
 
You can find the highlights of FXCM's report below or you can read the full press release here.
 
 
Full-Year 2013 Highlights:
 
Full year U.S. GAAP revenues of $489.6 million, up 17% compared to 2012 and a record for FXCM
U.S. GAAP net income of $14.8 million or $0.44 per fully diluted share, up 66% and 19%, respectively, versus the same period in 2012
Adjusted Pro Forma EBITDA of $158.0 million, up 40% compared to 2012 and a record for FXCM
Adjusted Pro Forma net income of $57.8 million or $0.76 per fully exchanged, fully diluted share, up 36% and 31%, respectively, versus the same period in 2012
Retail trading volume of $4.1 trillion, up 13% from 2012, a record for FXCM
Institutional trading volume of $2.0 trillion, up 72% from 2012, a record for FXCM
 
Fourth Quarter 2013 Highlights:
 
2013 fourth quarter U.S. GAAP revenues of $113.3 million, up 5% versus the same period in 2012
U.S. GAAP net income of $3.0 million or $0.08 per fully diluted share, down 1% and 27% versus the same period in 2012, respectively
2013 fourth quarter Adjusted Pro Forma Revenues of $107.6 million, down 0.5% versus the same period in 2012
Adjusted Pro Forma EBITDA of $26.8 million, down 10% versus the same period in 2012
Adjusted Pro Forma net income of $7.3 million or $0.10 per fully exchanged, fully diluted share, down 24% and 23%, respectively, versus the same period in 2012
Active accounts of 183,679, up 7% from the same period in 2012
Declared a quarterly dividend of $0.06 per share of Class A common stock
 
February 2014 Monthly Metrics Highlights:
 
Retail average daily volume of $15.2 billion per day, down 2% from January 2014
Retail customer trading volume of $305 billion, down 11% from January 2014
Institutional average daily volume of $8.1 billion per day, down 4% from January 2014
Institutional customer trading volume of $162 billion, down 12% from January 2014
 
 
 

About FXCM Inc.

 
FXCM Inc. (NYSE:FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide. At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with forex on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com. 
TAGS: fxcm  fxcm forex broker  fxcm us  us forex broker  fxcm results  2013 results  fourth quarter 2013  revenues  profits  forex volumes   

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