CFTC-Registered Brokerages Experienced a 3.16% Decline in FX Funds in June 2023

According to the recently published monthly report by the Commodity Futures Trading Commission (CFTC), retail FX deposits experienced a decline of 3.16 percent in June 2023 compared to the previous month. This decrease reflects the evolving trends and dynamics within the retail FX market during that period.

The report encompasses data from registered Retail Foreign Exchange Dealers (RFEDs) and broker-dealers that hold retail Forex obligations in the United States, such as Gain Capital Group LLC, IG US LLC, Interactive Brokers LLC, OANDA Corporation, CHARLES SCHWAB Futures & Forex LLC, and Trading.com Markets.

Based on the latest dataset provided by the CFTC, the total FX funds held at the six registered brokerages amounted to approximately $511 million in June 2023. This figure reflects a month-on-month decrease of 3.16 percent compared to the reported $528 million in May 2023. It is worth noting that when excluding Trading.com Markets, the combined retail FX deposits of the remaining five established brokers reached $510 million. The chart listed below summarizes all the data of the six brokers during the latest 12 months. 

Registered Brokerages Witness a 3.16% Decline in FX Funds

Among the six brokers listed, Only Trading.com Markets witnessed a growth in Retail Forex Obligations during the month of June 2023. The broker saw an increase of 11.8 percent to $1.14 million, compared to $1.02 million in the month prior. 

In June 2023, Gain Capital experienced a decline of $482,182 in its Retail Forex Obligations, bringing the total down to $196.5 million. This represents a decrease of 0.24 percent compared to the end of May 2023, when the total stood at $197 million.

During the month of June 2023, IG US observed a significant decrease of $10.4 million in its Retail Forex Obligations, resulting in a total of $59.5 million. This represents a noteworthy decline of 14.8 percent compared to the end of May 2023 when the total amounted to $69.8 million.

Interactive Brokers observed a minor decrease of 0.05 percent in its retail FX deposits between May 2023 and June 2023. The total dipped from $33.3 million to $33.28 million during this period.

OANDA experienced a decrease of $4.3 million to $156.5 million, compared to $160.8 million in the month prior, reflecting 2.7 percent decline. CHARLES SCHWAB’s retail FX deposits also experienced a 2.41 percent decline to $64.4 million from last month’s $66 million.

Gain Capital, Interactive Brokers, OANDA and CHARLES SCHWAB Gained in Market Share

In June 2023, there were notable changes in the market share distribution of five brokers relative to the previous month.

Gain Capital, Interactive Brokers, OANDA, and Charles Schwab all experienced an increase in market share, each gaining nearly 1 percent. Currently, Gain Capital holds a market share of 38 percent, Interactive Brokers holds 7 percent, OANDA holds 31 percent, and Charles Schwab holds 13 percent.

On the other hand, IG witnessed a decline in market share, losing nearly 1 percent. IG's current market share stands at 12 percent. Trading.com Markets, however, maintained its market share, remaining unchanged from the previous month, and acquiring less than 1 percent share in June 2023.