Exness trading volume hits record highs for second consecutive month
FX broker Exness’ trading volumes have breached new highs in November, building on the record-breaking turnover streak from the beginning of the fourth quarter. That has been aided by the economic impact from the Covid-19 developments and inflation concerns that apparently sent investors hunting for FX instruments to limit their risk exposure.
According to Exness data, a total trading volume of $1.27 trillion exchanged hands in November 2021, which represented a jump of 22 percent month-on-month from the previous record set back in October at $1.04 trillion. Across a yearly interval, the metric in November had nearly doubled from $644 billion in November 2020.
The momentum points to a fundamentally strong market looking ahead. The retail segment, which typically accounts for Exness’ majority of trading volume, continued to lead the way.
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 246,500, up 72 percent from 143,500 in the same month a year earlier. On a month-over-month basis, the number of active clients is also up from 234,500 in October.
Exness volumes average $1 trillion
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 in the last four months to cross the $1 trillion milestone for the first time in the group’s 13-year history.
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.