Brokers Registered with CFTC Witness Recovery in FX Deposits in July 2023

According to the latest monthly report from the US Commodity Futures Trading Commission (CFTC), retail forex deposits in July 2023 increased by 1.42% compared to the previous month.

The data displayed in the report includes information collected from various registered Retail Foreign Exchange Dealers (RFEDs) and broker-dealers that have retail forex obligations within the United States. These entities include well-known firms such as Gain Capital Group LLC, IG US LLC, Interactive Brokers LLC, OANDA Corporation, CHARLES SCHWAB Futures & Forex LLC, and Trading.com Markets.

In July 2023, the total forex funds held by six registered brokers were approximately $518.5 million, an increase of 1.42% compared to the reported $511 million in June 2023. It is worth noting that if Trading.com Markets is not included, the total retail forex deposits of the other five established brokers are $517 million. The following figure chart is a comprehensive overview of the data from these six brokers over the past 12 months.

Registered brokers' FX funds recover

During July 2023, only two of the six listed brokers experienced an increase in their Retail Forex Obligations: Gain Capital and IG US. Gain Capital increased by $2.3 million to a total of $198.8 million. Compared to $196.5 million at the end of June 2023, it see a growth of 1.1%.

IG US's Retail Forex Obligations significantly increased by $9.15 million, reaching a total of $68.7 million. Compared to $59.5 million at the end of June 2023, it represents an increase of 15%.

However, from June 2023 to July 2023, Interactive Brokers' retail forex deposits decreased by 5.5%. During this period, the total amount of deposits decreased from $33.3 million to $31.5 million.

OANDA witnessed a drop of $1.36 million to $155.1 million in retail forex deposits, compared to $156.5 million last month, showing a decrease of 0.87%. CHARLES SCHWAB's retail forex deposits also decreased by 1.53%, from $64.4 million last month to $63.4 million. FX deposits at Trading.com Markets decreased by 3.39% to $1.1 million.

IG US market share rises

The market share distribution of the four brokers changed In July 2023 compared to the prior month.

Interactive Brokers, OANDA, and Charles Schwab all saw their market share decline, each by approximately 1%. Currently, Interactive Brokers holds 6% of the market share, OANDA holds 30%, and Charles Schwab holds 12%.

On the other hand, IG's market share increased by nearly 1%. IG's current market share comes at 13%.

The market share of Gain Capital and Trading.com Markets remained unchanged from last month. In July 2023, Gain Capital continued to hold 38% of the market share, while Trading.com Markets held a market share of less than 1%.