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FXCM's net revenues down 34.8% in Q3 2015

FXCM Inc., a leading forex broker, yesterday announced its Q3 financial results and October customer trading metrics. FXCM's net revenues from continuing operations in Q3 2015 is $59.6 million, down 34.8% from $91.4 million for the quarter ended September 30, 2014. However net revenues for the first nine months of 2015 are still 34.5% higher than the same period of last year.

 

FXCM Q3 2015 Highlights:

 
  - U.S. GAAP net revenues from continuing operations of $59.6 million
  - U.S. GAAP net income attributable to FXCM Inc. from continuing operations of $64.3 million or $12.10(1) per fully diluted share, including a $137.6 million gain on derivative liability
  - U.S. GAAP net revenues from discontinued operations of $14.8 million
  - U.S. GAAP net income attributable to FXCM Inc. from discontinued operations of $9.3 million or $1.76(1)  per fully diluted share
  - Adjusted EBITDA from continuing and discontinued operations of $5.2 million
  - Strong combined operating cash position of $254.3 million and regulatory surplus of $85.1 million at September 30, 2015
 
 FXCM vs. GAIN Capital - Q3 2015
 
 FXCM's largest competitor GAIN Capital announced Q3 results a couple of days ago. Below  is a comparison of a few financial indicators:
 
  FXCM GAIN Capital
Net Revenue $59.6 million $127.9 million
Net Income $64.3 million $7.8 million
Adjusted EBITDA $5.2 million $29.8 million

 

 
 

 

FXCM October 2015 Customer Trading Metrics from Continuing Operations (2):

 
  - Retail customer trading volume(3) of $335 billion in October 2015, 3% higher than September 2015 and 25% lower than October 2014.
  - Institutional customer trading volume(3) of $34 billion in October 2015, 28% lower than September 2015 and 63% lower than October 2014.
 
 
 
FXCM October 2015 Customer Trading Metrics from Continuing Operations (2)
 
Retail Customer Trading Metrics
 
  - Retail customer trading volume(3) of $335 billion in October 2015, 3% higher than September 2015 and 25% lower than October 2014.
  - Average retail customer trading volume(3) per day of $15.2 billion in October 2015, 3% higher than September 2015 and 22% lower than October 2014.
  - An average of 513,724 retail client trades per day in October 2015, 9% lower than September 2015 and 3% lower than October 2014.
  - Active accounts(4) of  178,273 as of October 31, 2015, a decrease of  1,848, or 1%, from September 2015, and an increase of 17,222, or 11%, from October 2014. 
  - Tradeable accounts(5) of  161,085 as of October 31, 2015, an increase of  735, or 0.5%, from September 2015, and a decrease of 16,891, or 9%, from October 2014.   
 
 
Institutional Customer Trading Metrics
 
  - Institutional customer trading volume(3) of $34 billion in October 2015, 28% lower than September 2015 and 63% lower than October 2014.
  - Average institutional trading volume(3) per day of $1.6 billion in October 2015, 24% lower than September 2015 and 59% lower than October 2014.
  - An average of 28,590 institutional client trades per day in October 2015, 4% lower than September 2015 and 104% higher than October 2014.
 
 
(1) Earnings per share have been adjusted to reflect the impact of the one-for-ten reverse stock split of the Corporation's issued and outstanding Class A common stock that became effective on October 1, 2015.

(2) Customer Trading Metrics from Continuing Operations excludes discontinued operations of FXCM Japan and FXCM Hong Kong.

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

(4) An Active Account represents an account that has traded at least once in the previous twelve months.

(5) A Tradeable Account is an account with sufficient funds to place a trade in accordance with FXCM trading policies.
 
 
About FXCM Inc.
 
FXCM Inc. (NYSE:FXCM) is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. Our mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market.
 
Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides free news and market research through DailyFX.com.
 
TAGS: fxcm  revenues  financial results  q3 2015  customer trading metrics 

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