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Daily retail FX volumes down in Q2 -industry website

Reuters - UK Focus

By Patrick Graham

LONDON, Sept 5 (Reuters) - Foreign exchange trading through online retail brokers fell by 7 percent in the second quarter of 2016, with a boom in sterling trading around June's Brexit vote not enough to fuel expansion of one of the currency world's few recent drivers of growth.

The data from industry researchers Finance Magnates Business Intelligence (www.financemagnates.com) follows the three-yearly survey by the Bank for International Settlements, which last week showed the world's biggest financial market contracting for the first time since 2001.

Previously viewed as a sideshow to the trading between banks and big investment and pension funds that forms the core of the $5 trillion a day global market in currencies, the retail sector has grown steadily in the last three years.

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The retreat in wholesale volumes has also made retail accounts a larger part of overall market activity, and trading had risen sharply in both quarterly and annual terms at the start of this year.

In the second quarter, volumes fell to the equivalent of $335 billion a day, compared to $364 billion in the first quarter but up from $318 billion a day a year ago.

Data and estimates, none of which have been checked by Reuters, showed trading down at 14 of the top 15 brokers globally. The exception was Denmark's Saxo Bank, where monthly volumes inched up to $259 billion from $257 billion in the first quarter.

Two Asia-focused brokers, GMO Click and DMM.com, continued to lead the website's rankings with monthly volumes more than double those of their nearest competitors. They were down 9 and 15 percent respectively on the quarter.

Daily trade in Japan -- the biggest market for small leveraged bets on currency movements from non-institutional players -- fell to $163 billion a day from $189 billion in the first quarter.

Japan-based GMO saw trades of $879 billion a month, down from $961 billion, still roughly triple that of the biggest U.S (Other OTC: UBGXF - news) . and European brokers.

Outside Japan, U.S.-based FXCM (NYSE: FXCM - news) was the leader by volume at $279 billion a month. U.S.-based Gain Capital (Frankfurt: 58G.F - news) saw volumes fall to $237 billion a month from $287 billion in the first quarter. (Editing by Catherine Evans)