Interactive Brokers, OANDA and CHARLES SCHWAB's Retail Forex Funds Rise While the Whole in the US Drops

The U.S. Commodity Futures Trading Commission (CFTC) recently released a September 2023 report. Compared to the previous month, retail Forex funds dropped 1.65% for the month.

The six registered retail currency pair dealers (RFEDs) and broker-dealers covered in this report are:

Gain Capital Group LLC

IG US LLC

Interactive Brokers LLC

OANDA Corporation

CHARLES SCHWAB Futures&Forex LLC

Trading.com Markets

FX funds held by these brokers totaled about $516 million in September 2023, down 1.65% from $525 million in August. The figure reported for the same period last year was $490 million, up 5.46% compared to that period.

The dealers that saw the fund rise in September on a year-on-year basis were Interactive Brokers, OANDA and Charles Schwab. The biggest gainer was Interactive Brokers, up 6.85% MoM, with a total increase of $2.298 million. Anda and CHARLES SCHWAB were up 2.88% and 0.25% respectively.

Brokers showing declines in retail Forex funds in September included IG, Trading.com and CHARLES SCHWAB.

IG had the biggest drop, down 18.15% MoM, with a total decrease of $13.406 million. Trading.com was down 4.24% MoM, but the decrease was only $45,000 as it had the lowest total compared to the other dealers. And CHARLES SCHWAB was down 1.08% MoM with a decrease of $2.137 million.

The market share changes during this period was mainly driven by IG, Interactive Brokers and OANDA. IG's share declined by 2% to 12% compared to August; Interactive Brokers' share increased by 1% to 7%; while OANDA increased by 1% to 31%. The other three dealers' shares were unchanged.

The September 2023 data reports financial information collected as of 6 November 2023 and reflects the financial situation of the underlying companies as of 30 September 2023.

The CFTC requires retail currency pair dealers (RFEDs) and futures commission merchants (FCMs) to submit monthly financial reports to the CFTC's Market Participants Division within 17 business days after month-end.