Interactive Brokers’ Retail Forex Deposits Increased in September, While Other Four Brokers Saw a Decline

The Commodity Futures Trading Commission (CFTC) has published its monthly report for September 2022, revealing a month-on-month decline of 4.88 percent in retail FX deposits compared with the $514.7 million reported in August 2022.

The report covers data for FCMs that are registered as Retail Foreign Exchange Dealers (RFEDs) and those included as broker-dealers that hold retail forex obligations in the United States, namely Gain Capital Group LLC, IG US LLC, Interactive Brokers LLC, Oanda Corporation and CHARLES SCHWAB Futures & Forex LLC.

Only Interactive Brokers Saw Increase on Amount of Retail Forex Obligation

The chart listed below summarizes all the data published in the year.

According to the CFTC dataset, the FX funds held at the five registered brokerages hit $489.6 million in September 2022. For purposes of comparison, the month-on-month change of the recent months has been outlined to illustrate the disparities.

In September, Gain Capital saw an decrease of $12.1 million to $178 million, compared to $190.2 million at the end of August, or 6.39 percent lower month-over-month. IG US also reported a decline of $3.4 million to $49 million, which is 6.51 percent lower over a monthly basis.

Oanda reported a decrease over last month's figure by $7 million to $162.1 million at the end of September 2022, compared with $169.1 million in the previous month, which is down by 4.15 percent on a monthly basis.

In addition, CHARLES SCHWAB saw an overall decrease of $3.9 million to $72.8 million, compared to $76.6 million in the month prior, reflecting a 5.02 percent drop month-over-month.

Only Interactive Brokers' retail FX deposits increase by 4.91 percent from $26.4 million in August 2022 to $27.7 million in September 2022.

Interactive Brokers Gained in Market Share While Gain Capital Lose

Looking at the market share of these five brokers, distribution changed slightly in September relative to the month prior.

For the rise in retail forex obligation, Interactive Brokers increased in market share of 1 percent with a current share of 6 percent. Gain Capital lose in market share of 1 percent but remained the leader in terms of market share of 36 percent.

OANDA also solidified its stance as the second largest in the US with 33 percent market share, unchanged from the last month.

The remaining brokers' market share also kept unchanged. IG US acquired 10 percent share in this month, CHARLES SCHWAB retained the third one of 15 percent.