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FXCM Hits Record Institutional Trading Volumes, Retail Forex Does Exceptionally Well Too

 

One of the largest online forex brokers in the world, FXCM, has just released its Q1 2013 metrics and things are looking great: trading volumes are skyrocketing, the number of active accounts is increasing, and the broker's net revenues are up 20% compared to Q1 of the previous year. 

 

At the end of 2012 FXCM's metrics kept going up and down, however the company management remained positive that its developing well. The first quarter of this year only comes to prove this, with the broker announcing outstanding operational data. 

 

Last month, FXCM's proposed to acquire one of its biggest rivals Forex.com hoping that this would help it re-affirm its position as the largest retail forex provider world-wide. This didn't quite work out as Forex.com politely declined but nonetheless FXCM keeps following its path of sustainable development. 

 

April was a particularly good month for the broker – its retail trading volumes reached $366 billion – a figure  48% higher than in April 2012 , and also the third highest in the company's history. While this is impressive on its own, it is the institutional volumes that simply skyrocketed: up 78% compared to April 2012, the $183 billion trading volume is the highest one FXCM has ever seen. 

 

The number of tradable accounts held with the broker has only risen by 1%, however the traders must have become significantly more active: the number of average trades executed per day has increased from 379,289 in Q1 of 2012 to 437,813 in Q1 of 2013 (15% increase), and the total of customer assets entrusted to FXCM has increased by 5% - from $1,135.9 million to  $1,190.4 – which means that the average tradable account size has increased as well. 

 

 

 

May 7, 2013

FXCM Inc. Announces First Quarter 2013 Results

Releases April 2013 Operating Metrics


Revenues up 20% and EBITDA up 76%


Record Quarterly Revenues


First Quarter 2013 Highlights:


Revenues of $122.9 million, up 20% versus the same period in 2012 and highest in FXCM history

US GAAP net income attributable to FXCM Inc. of $6.9 million or $0.23 per fully diluted share up 138% and 44% respectively versus the same period in 2012

Adjusted Pro Forma EBITDA of $43.8 million, up 76% versus the same period in 2012

Adjusted Pro Forma net income of $17.5 million or $0.23 per fully exchanged, fully diluted share up 40% and 35% respectively versus the same period in 2012

 

April 2013 Operating Metric Highlights:


Retail customer trading volume of $366 billion, 48% higher than April 2012 and third highest in FXCM history

Institutional customer trading volume of $183 billion, 78% higher than April 2012 and highest in FXCM history

NEW YORK--(BUSINESS WIRE)-- FXCM Inc. (NYSE: FXCM), a leading online provider of foreign exchange, or FX, trading and related services, today announced for the quarter ended March 31, 2013, revenues of $122.9 million, compared to $102.6 million for the quarter ended March 31, 2012, an increase of 20%. U.S. GAAP net income attributable to FXCM Inc. was $6.9 million for the First Quarter 2013 or $0.23 per diluted share, compared to $2.9 million or $0.16 per diluted share for the First Quarter 2012, an increase of 138% and 44% respectively.


Adjusted Pro Forma EBITDA for the First Quarter 2013 was $43.8 million, compared to $24.9 million for the First Quarter 2012, an increase of 76%. Adjusted Pro Forma Net Income was $17.5 million or $0.23 per share for the First Quarter 2013, compared to $12.5 million or $0.17 per diluted, fully exchanged share for the First Quarter 2012, an increase of 40% and 35% respectively.


"FXCM turned in one of its best quarters with record revenues and our second highest EBITDA ever," said Drew Niv, Chief Executive Officer. "Having grown our client base so significantly over the past few years, we were well positioned to benefit from the improvement in currency trading conditions that occurred in the first quarter of this year."


"FXCM today is over four times the size in client equity than it was just five years ago," he continued.


Adjusted Pro Forma results assume the conversion and exchange of all FXCM Holdings, LLC Units into FXCM Inc. Class A common stock, resulting in the elimination of the non-controlling interest and the corresponding adjustment to the entity's tax provision. In addition, Adjusted Pro Forma results eliminate the equity based compensation expense regarding a grant of stock options at the time of FXCM's initial public offering ("IPO") in December 2010 as well as certain other non-recurring charges.


FXCM Inc. today announced certain key operating metrics for April 2013 for its retail and institutional foreign exchange businesses. Monthly activities included:


April 2013 Operating Metrics

Retail Trading Metrics

Retail customer trading volume(1) of $366 billion in April 2013, third highest in FXCM history and 15% higher than March 2013 and 48% higher than April 2012.

Average retail customer trading volume(1) per day of $16.6 billion in April 2013, third highest in FXCM history and 9% higher than March 2013 and 41% higher than April 2012.

An average of 498,808 retail client trades per day in April 2013, the highest in FXCM history and 18% higher than March 2013 and 54% higher than April 2012.

Tradeable accounts(2) of 196,174 as of April 30, 2013, an increase of 545, or 0.3%, from March 2013, and a decrease of 6,365,or 3%, from April 2012.

 

Institutional Trading Metrics

Institutional customer trading volume(1) of $183 billion in April 2013, the highest in FXCM history and 46% higher than March 2013 and 78% higher than April 2012.

Average institutional trading volume(1) per day of $8.3 billion in April 2013, the highest in FXCM history and 38% higher than March 2013 and 69% higher than April 2012.

An average of 22,851 institutional client trades per day in April 2013, 27% higher than March 2013 and 68% higher than April 2012.

"April continued the strong trading environment of the First Quarter," continued Niv. "We are pleased to report record or near-records in most of our key operating metrics."



This operating data is preliminary and subject to revision and should not be taken as an indication of the financial performance of FXCM Inc. FXCM undertakes no obligation to publicly update or review previously reported operating data. Any updates to previously reported operating data will be reflected in the historical operating data that can be found on the Investor Relations page of the Company's corporate website, www.fxcm.com.


(1) Volume that FXCM customers traded in period is translated into US dollars.


(2) A Tradeable Account is an account with sufficient funds to place a trade in accordance with FXCM trading policies.

 

 

About FXCM

 

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  forex trading  forex metrics  retail forex  institutional forex  forex customer assets  forex revenue 

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