FX volumes boom at Exness, hit new record at $975 billion

Multi-regulated FX broker Exness said that total monthly trading volumes were in excess of $900 billion last month on the company’s trading platforms. The metrics were in line with a few institutional and retail platforms that saw the activity of their clients was mostly upbeat last month.

Total trading volumes on the Exness’ platform ticked higher last month to a record $975 billion, up 13 percent from $861.7 billion in the previous month.

July’s figure topped its previous record for monthly volumes set back in March as activity increased across nearly all products on the platform.

Over a yearly basis, the multi-regulated FX broker’s turnover had shot higher by 64 percent when compared with $595 reported back in July 2020.

Activity on Exness’ trading platform has been consolidating over the last few months, namely since the broker reported a record $930 billion in total volumes for March 2021.

The company also said its active client base is now at record levels and is materially higher than it was in 2020, with trading volumes and levels of retention comparable to historical averages. Exness reported the figure at 209,370, up 55 percent from 135,400 in the same month a year earlier. On a month-over-month basis, the number of active clients is slightly higher than 204,900 in June and also surpassed the previous record peak it hit in May at 207,000.

Volatility was coming back slowly to FX markets after a subdued second quarter. The modest bull run for the US dollar in recent weeks created a profitable opportunity for industry players, from intuitional venues to an array of retail-focused FX brokerages.

The uptick in volumes comes as Exness, which is authorised by the FCA as an IFPRU €730K firm, continues to restructure its business.

Exness acquired its FCA license in the UK back in 2016 to operate a foreign exchange and CFDs brokerage business. After one year, the broker launched an institutional offering, which is focused on providing liquidity for FX, CFDs, metals, and commodities. In light of an internal business decision to focus on other markets and grow their B2B operations, Exness decided in 2019 to close the retail business in the EU/EEA region, including in the UK.

At the time, Exness said that one of the reasons for the launch of its institutional business arm is the recent changes in the regulatory environment. Indeed, the retail FX market in Europe is becoming relatively challenging for many platforms, which is why many brokers are looking into new opportunities in the wholesale liquidity and clearing market.

The Financial Commission announced in July that Exness has become a newly approved member of the self-regulatory organization.