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Foreign Exchange

FXCM: Retail sales on a roll

FXCM posts strong second-quarter revenues.

Drew Niv, FXCM

"In the second quarter, retail clients have not lost money at all and are actually making money"
Drew Niv, FXCM

FXCM Holdings, whose roots are very much in retail foreign exchange, has announced that its revenue for the three-month period to June 30 was $66.5 million, a 7% increase over the first quarter; its ebitda was $25.3 million. FXCM says the main growth driver was its "core business of serving self-trading clients". According to chief executive Drew Niv, these have been able to capitalize on the drop of volatility in the market in a way many other FX participants have not. "The retail business has entered a period of perfection in the last four months," he says. "Intra-day volatility is high but the major currencies are actually in tight ranges and won’t break out."

Niv adds: "It’s breakouts that retail clients lose money on, as 90% are range traders. In the second quarter, retail clients have not lost money at all and are actually making money as a group. This is especially refreshing as the three quarters before that were brutal on clients."

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