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GAIN Capital’s April report was a historical operating update covering April 2018. It was not a quarterly earnings release, an audited financial statement, or a current report from an independently traded company.
At the time, GAIN Capital Holdings, Inc. traded on the New York Stock Exchange under GCAP. The report showed that trading activity fell from March’s unusually strong levels, although several important measures remained above April 2017.
What GAIN reported for April 2018
GAIN reported activity across its retail over-the-counter (OTC) business, institutional GTX operations, swap-dealer activity, and futures business. The figures were operating metrics: they measured trading activity and account activity, not revenue, earnings, cash flow, or profitability.
| Metric | April 2018 | Change from March | Change from April 2017 |
|---|---|---|---|
| Retail OTC trading volume | $222.4 billion | Down about 15% | Up about 20% |
| Retail OTC average daily volume | $10.6 billion | Down about 11% | Up about 14% |
| Active retail OTC accounts | 130,808 | Down from 131,764 | Down about 4% |
| GTX ECN volume | $279.0 billion | Down from about $318.0 billion | Up about 21% |
| GTX swap-dealer volume | $27.5 billion | Down from about $57.0 billion | Not specified |
| Futures contracts | 753,943 | Down about 2.3% | Not specified |
| Average daily futures contracts | 35,902 | — | Not specified in the April comparison |
Retail activity declined after a strong March
Retail OTC volume dropped from approximately $263 billion in March to $222.4 billion in April. That is a month-over-month decline of roughly 15%.
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Average daily volume fell from approximately $11.9 billion to $10.6 billion, a smaller decline of about 11%. Looking at average daily volume helps distinguish a change in trading activity from a simple difference in the number of trading days.
The account count also edged lower. GAIN reported 130,808 active retail OTC accounts, compared with 131,764 in March. GAIN defined an active account as one that executed at least one transaction during the relevant period. The account figure therefore was not a count of every funded account or every registered customer.
Year over year, the retail picture was more mixed than the monthly result. Retail OTC volume was up about 20% from April 2017, and average daily volume was up about 14%. Active accounts, however, were down approximately 4%.
GTX figures need to be read as two components
GAIN’s institutional GTX numbers are sometimes summarized incorrectly. The $279.0 billion figure represented GTX ECN volume; it was not the entire institutional total.
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GAIN also reported $27.5 billion in swap-dealer volume. Adding the two components gives approximately $306.5 billion of combined GTX activity for April:
$279.0 billion ECN volume + $27.5 billion swap-dealer volume = $306.5 billion
That combined figure was down from approximately $374.5 billion in March. The ECN component itself fell from about $318.0 billion, while swap-dealer activity fell from about $57.0 billion. GTX ECN volume nevertheless remained about 21% above its April 2017 level.
Futures trading was lower too
GAIN reported 753,943 futures contracts for April, compared with 771,749 in March. The company described that as a decline of approximately 2.3%.
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The 753,943 figure was the total number of contracts traded during the month, not the daily average. The corresponding average daily figure was 35,902 contracts. Confusing those two measures can make the business appear to have substantially more daily activity than the report actually indicated.
What the report does—and does not—tell investors
The April numbers indicated that market activity cooled after a strong first quarter. That pattern appeared across retail OTC volume, GTX activity, and futures contracts. However, the report alone cannot establish whether GAIN’s revenue or profit rose or fell.
Trading volume is not the same as income. A broker’s financial results can also depend on spreads, commissions, hedging results, client asset levels, financing income, operating expenses, and other factors. The operating report did not provide a complete earnings calculation.
The report also used “customer assets” as a separate concept. GAIN’s definition included amounts due to clients, including customer deposits and unrealized gains or losses on open positions. That is different from trading volume and should not be treated as money the company had earned.
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Why some reports say $224 billion
Contemporaneous coverage sometimes rounded April retail OTC volume to $224 billion. The more precise figure used in the subsequent monthly comparison was $222.4 billion.
Both numbers refer to the same general April retail-volume result, but $222.4 billion is the better figure to use when presenting the metric precisely. The $224 billion wording should be understood as a rounded media description, not a separate operating measure.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.GAIN’s corporate status has since changed
GAIN Capital should not be described today as an independently listed company reporting under GCAP. StoneX Group completed its acquisition of GAIN Capital Holdings on July 31, 2020, in an all-cash transaction reported at $6.00 per GAIN share.
GAIN became a wholly owned StoneX subsidiary. Its former retail brands, including FOREX.com and City Index, became part of StoneX’s business. As a result, a current article should identify these figures as GAIN Capital’s April 2018 operating metrics, rather than implying that GAIN has just released a current report as a separate public company.
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Sources and definitions
The April comparisons were reported by Finance Magnates, with GTX detail also covered by LeapRate. GAIN’s operating-metric definitions appear in its first-quarter 2018 investor materials filed with the SEC.
FAQ
Was GAIN Capital’s April report a quarterly earnings release?
No. It was a monthly operating report for April 2018. It presented measures such as trading volume, active accounts, and futures contracts, rather than audited financial statements or complete GAAP earnings results.
How much retail OTC volume did GAIN report in April 2018?
GAIN reported $222.4 billion in retail OTC trading volume. Some contemporaneous articles rounded the figure to $224 billion.
Was $279 billion GAIN’s total institutional volume?
No. $279.0 billion was GTX ECN volume. GAIN also reported $27.5 billion in swap-dealer volume, making combined GTX activity approximately $306.5 billion.
How many futures contracts did GAIN report?
GAIN reported 753,943 futures contracts for the month and an average daily figure of 35,902 contracts. The first number was not a daily total.
Is GAIN Capital still listed under GCAP?
No. StoneX completed its acquisition of GAIN Capital on July 31, 2020. GAIN is now part of StoneX, and GCAP is no longer the company’s current independent public-market listing.
The Bottom Line
GAIN’s April 2018 report showed a clear pullback from March: retail OTC volume fell to $222.4 billion, combined GTX activity was approximately $306.5 billion, and futures trading totaled 753,943 contracts. The year-over-year comparisons were still positive for retail volume, retail average daily volume, and GTX ECN volume. These were historical operating figures, not a current GAIN earnings release or a direct measure of company profit.
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