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1、,FOREX MAGNATES RETAIL FOREX MARKET,QUARTERLY REPORT FOR Q1 2011,For the avoidance of any doubt,this publication is the sole property of Forex Magnates.It has been provided to youbased on your statement and agreement that it will be viewed by your eyes only and will not be distributed and/orreproduc
2、ed in any way.Each publication has been uniquely marked and any person whose publication will be founddistributed will be traced and charged with copyright infringement.,All materials contained in this publication are protected by United States and international copyright laws and may not be reprodu
3、ced,distributed,transmitted,displayed,published orbroadcast without the prior written permission of Forex Magnates.You may not alter or remove any trademark,copyright or other notice from copies of the content.All information inthis publication is subject to change.Information presented in this publ
4、ication is of Forex Magnates only and does not necessarily represent the opinion of any forex broker and/or anyother company mentioned in this publication and/or its management.Forex Magnates does its best to verify the accuracy or basis-in-fact of any claim or statement made in thispublication howe
5、ver errors and omissions may occur.Any opinions,news,research,analyses,prices or other information contained in this publication or on the Forex Magnates website,by Forex Magnates,its employees,partners or contributors,is provided as general market commentary and does not constitute investment advic
6、e.Forex Magnates will not acceptliability for any loss or damage,including without limitation to,any loss of prot,which may arise directly or indirectly from use of or reliance on such information or of its accuracy.,Contents,Content index,1.Market overview,key developments,forecast,Page 5,2.Major n
7、ews,Page 13,3.In depth overview of top 5 brokers by volume,Page 21,4.Side by side nancial comparison of FXCM,Gain Capital and Saxo Bank,Page 27,5.List of recommended service providers(Forex Yellow Pages),Page 28,6.Upcoming events,Page 37,Comments,complaints,recommendations and advertising inquiries
8、all go to,AboutForex,Magnates,With an innite number of sources,breaking Forex news well before its competitors,Forex Magnates gives all this to the reader in a succinct manner,saving you valuabletime by distilling whats a must read and whats just PR.Our information is“rst tomarket”-and is often not
9、found in any other sites.Forex Magnates is followed bybrokers and traders alike lled with impartial,unique discussions,advice,educationand opinions.,In recent months,the blog has expanded to satiate the growing demand for the latestanalysis and breaking news.This includes covering platform developme
10、nts and up-grades,broker mergers and acquisitions,refuting the major scams and reviewing themajor and pioneering undertakings in web forums,portals and trade publications.,Comments,complaints,recommendations and advertising inquiries all go to,Q1 2011,Forex Market overview and forecast:,The global F
11、orex market has continued its overall growth in terms of volume in the pastquarter.Although several brokers have reported lower/unchanged volumes(mainlypublic FXCM and Gain)other brokers(Oanda,Saxo Bank)have reported signicantgrowth of their business.This was also complimented by the ever growing As
12、ian andMiddle East markets.It seems that the CFTCs and Japans regulatory mandatoryreduction in volume has taken its toll on some brokers.,The market was uneventful in terms of participants,unlike the previous quarter whichsaw two brokers(Gain and FXCM)going public.Another broker may have delayed/can
13、celled its IPO this quarter(FxPro)so there hasnt been any dramatic changes in theindustry.Unsurprisingly both public brokers havent exactly splashed around cash onacquisitions(leave alone FXCM buying GCI for only$5 million)as they have suggestedin their prospectuses and most cash received was used t
14、o either pay back existinginvestors or is still sitting in the bank.On the other hand,acquisitions in this market areanything but trivial for numerous reasons.,The IPO celebration however was marred by class action suits lodged against FXCM,Comments,complaints,recommendations and advertising inquiri
15、es all go to,7,4,4,4,4,3,3,3,3,40,40,40,30,2,2,2,2,2,1,1,1,1,1,1,1,1,1,123,06,and FXDD and several announced inquiries into FXCMs IPOpricing which some clients believe to have been inated.This came to light after FXCM published its January tradingdata which missed analysts expectations and subsequen
16、tlyFXCMs price was slashed by a Citi analyst the market re-sponded immediately with FXCM losing as much as 14%ina single day of trading.FXCMs stock has however regainedmost of the drop after better than expected 2010 year endresults were unveiled.,overestimated in the previous reports.ACM reported i
17、ts vol-umes through its acquirer Swissquote Bank.This report ex-cludes many small brokers and the whole Japanese marketwhich is both undergoing many changes now and is not astransparent in terms of disclosing volume numbers.Brokersin bold have disclosed their volumes in their IPO or ofcial endof yea
18、r reports.,This quarter also marked the second quarter that US brokers,Monthly,Daily,were obligated to publish their clients protability reports and wesaw that not all brokers are equal.Many brokers seem to havecomplained to the CFTC about their peers calculation methods(mainly blaming Oanda for coo
19、king the numbers)and CFTC hasissued a correction which now means brokers cannot includeinterest payments into their protability calculations.The market is also being driven by what used to be a marginalniche but now seems to be exponentially growing binary andforex options.The binary trading market
20、has literally explodedlately with dozens of various brokers(and platform providers)competing in this new arena.This trading is a draw to theunsophisticated trader,as its as simple as trading/gamblingcan get,with most brokers offering a plain Up or Down option,which if correct earns you a 70%prot but
21、 wipes 100%ofyour position if incorrect.The only legal such venue in the USis IG Markets controlled Nadex.Nadex however is still makingits rst appearance and hasnt gained much traction yet.Gambling operators who are monitoring the forex marketclosely are slowly entering although with no remarkable s
22、uc-cess.The latest attempt is by William Hill with its Day Traderwhich is far from being competitive with any other similar binaryplatforms.Its only natural given the simplistic nature of binarytrading(or gambling as some may call it)that casino operatorswould pick this product over more complicated
23、 forex trading.VolumeOverall the volumes have grown in the past quarter albeit notat a very high rate.Some of the brokers reported lower orsteady volumes while others have reported signicant growth.Below is a summary of volumes as ofcially/unofcially report-ed by some brokers or estimated when there
24、 was no availabledata.Major changes are mainly in the addition of iForex,a majorIsraeli/Middle Eastern broker,little known in the US or Europethough it should be known given its volume.Dukascopy and,OandaSaxo BankFXCMGFTGain()AlpariDukascopydbFXCiti FXProInterbank FXFXOpenFX SolutionsFXDDIG Marketsi
25、ForexFXProAva FXCMCMIGInteractive BrokersLondon Capital GroupMB TradingMF GlobalAC MarketsAdvanced MarketsPFG BestHY MarketsEasy ForexBarclays FXthinkorswimForex ClubActivTradesCity Credit CapitalTotal daily volume,3002922582001301008080808065606060605550505030252525212020151010,15151310533333,ACM h
26、ad their volume slashed mainly because they wereComments,complaints,recommendations and advertising inquiries all go to,22,Status:Private.,Year Established:1995,Shareholders and Funding:$100 in 2007 from New Enter-prise Associates,Legg Mason,Cascade Investment,T.RowePrice and Index Futures.,Investme
27、nts and M&As:Unknown.,Estimated Net Prot:$60-$80 million.,Estimated value:$900 million-$1.1 billion.,Estimated monthly volume:$300 billion.,Number of clients:48,866 in the US.,Regulation:RFED in the US,Hong Kong,Dubai.Very likely tobe undergoing a FSA/MiFiD license process.,Description:Oanda,primari
28、ly operating out of Canada,is oneof the worlds largest brokers in terms of volume.Oanda hasrecently disclosed the number of its US accounts and their prof-itability.,Oanda news in the past quarter:,Read more about it here.,Read more about it here.,Comments,complaints,recommendations and advertising
29、inquiries all go to,YellowPagesRecommended Service ProvidersSaving you Google time,Bridges and Customized DevelopmentVPS ProvidersCalendar/data/market commentaryMobile Platform ProvidersCharts/PatternsPlatformsAutotrading,Regulatory AgenciesRegulation LawyersPayment Solutionsmt4videos+educationOutsourced DealersForex Specialized Marketing AgenciesAdvertising channels,Forex HR FirmsComments,complaints,recommendations and advertising inquiries all go to,
