Exness monthly volume crosses the trillion dollar milestone
It was another record month after the previous record month, and each one seemed to get bigger than the last. FX broker Exness revealed another unprecedented monthly volume record last month, besting the previous record set back in September. It was also the first time to cross the $1 trillion milestone in the group’s 13-year history.
During the month of October 2021, Exness reported a total trading volume of $1.04 trillion, which represented a jump of 10 percent month-on-month from $947 billion reported back in September. Across a yearly interval, the metric in October reflected an advance of 64 percent from $636 billion a year earlier.
The company also said its active client base is now at record levels and is materially higher than it was in 2020, with levels of retention comparable to historical averages. Exness reported the number of active clients at nearly 234,500, up 70 percent from 138,200 in the same month a year earlier. On a month-over-month basis, the number of active clients is also up from 232,500 in September.
Exness got off to a strong start as the financial markets started off the fourth quarter in high gear, with a multitude of factors helping steer volumes across several venues.
The average trading volume in 2021 was $820 billion, but the metric has jumped to record levels above the $900 billion mark over the last six months due to frenzied buying and selling activities.
The uptick in volumes also 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.