BEDMINSTER, N.J., Oct. 7, 2019 /PRNewswire/ -- GAIN Capital
Holdings, Inc. (NYSE: GCAP) ("GAIN" or "the Company") today
reported certain operating metrics for the month of September 2019.
|
Sept-19
|
Aug-19
|
Sept-18
|
Sequential
Change
|
Year-over-
year change
|
Retail
Segment
|
|
|
|
|
|
OTC Trading
Volume(1)
|
$
|
151.5
|
|
$
|
175.8
|
|
$
|
149.6
|
|
(13.8)
|
%
|
1.3
|
%
|
OTC Average Daily
Volume
|
$
|
7.2
|
|
$
|
8.0
|
|
$
|
7.5
|
|
(10.0)
|
%
|
(4.0)
|
%
|
12 Month Trailing
Active OTC Accounts(2)
|
118,751
|
|
117,103
|
|
129,182
|
|
1.4
|
%
|
(8.1)
|
%
|
3 Month Trailing
Active OTC Accounts(2)
|
72,909
|
|
71,243
|
|
71,597
|
|
2.3
|
%
|
1.8
|
%
|
|
|
|
|
|
|
Futures
Segment
|
|
|
|
|
|
Number of Futures
Contracts
|
603,382
|
|
797,472
|
|
554,687
|
|
(24.3)
|
%
|
8.8
|
%
|
Futures Average Daily
Contracts
|
30,169
|
|
36,249
|
|
29,194
|
|
(16.8)
|
%
|
3.3
|
%
|
12 Month Trailing
Active Futures Accounts(2)
|
7,406
|
|
7,451
|
|
7,550
|
|
(0.6)
|
%
|
(1.9)
|
%
|
_________________________________________
All volume figures
reported in billions.
|
1 US
dollar equivalent of notional amounts traded.
|
2 Accounts that executed a
transaction during the relevant period. For the quarter, indirect
volume represented 21% of total retail OTC trading
volume.
|
Management Commentary
"Increased volatility in US
equity markets helped our Futures segment achieve its second
highest quarterly average daily contracts for the past 2 years, up
24% over the prior year, with revenue per contract for the quarter
of approximately $4.59. Meanwhile
quieter conditions elsewhere saw Retail volumes similar to Q2 while
revenue capture was more consistent with our long term average at
approximately $114 per million,"
stated Glenn Stevens, CEO of GAIN
Capital.
"Our key client metrics continue to respond positively to our
organic growth initiatives, with new direct accounts improving for
a fifth consecutive quarter, almost doubling over Q3 2018 levels
and growing 32% sequentially, from a similar level of marketing
spend to Q2. In addition, trailing 3 month direct active accounts
have increased for a third consecutive quarter, and are now
approximately 10% above post ESMA levels. This continued growing
interest from new customers leaves us well positioned to capitalize
on increased volatility upon the return of more normal market
conditions," continued Mr. Stevens.
Share Count and Tax Rate Assumption Update
The
Company estimates its weighted-average common shares outstanding
for the third quarter 2019 to be approximately 37.4 million shares.
The year to date tax rate is estimated to be approximately 16.5% on
a normalized basis.
Historical metrics and financial information can be found on the
Company's investor relations website http://ir.gaincapital.com.
This operating data is preliminary and subject to revision and
should not be taken as an indication of GAIN's financial
performance. GAIN undertakes no obligation to publicly update or
review previously reported operating data.
About GAIN
GAIN Capital Holdings, Inc. provides innovative trading
technology and execution services to retail and institutional
investors worldwide, with multiple access points to OTC markets and
global exchanges across a wide range of asset classes, including
foreign exchange, commodities, and global equities. GAIN Capital is
headquartered in Bedminster, New
Jersey, with a global presence across North America, Europe and the Asia
Pacific regions. For further company information, visit
www.gaincapital.com.
Forward-Looking Statements
In addition to historical information, this release contains
"forward-looking" statements that reflect management's expectations
for the future. A variety of important factors could cause results
to differ materially from such statements. These factors are noted
throughout GAIN Capital's annual report on Form 10-K for the year
ended December 31, 2018, as filed
with the Securities and Exchange Commission on March 11, 2019, and include, but are not limited
to, the actions of both current and potential new competitors,
fluctuations in market trading volumes, financial market
volatility, evolving industry regulations, errors or malfunctions
in GAIN Capital's systems or technology, rapid changes in
technology, effects of inflation, customer trading patterns, the
success of our products and service offerings, our ability to
continue to innovate and meet the demands of our customers for new
or enhanced products, our ability to successfully integrate assets
and companies we have acquired, our ability to effectively compete,
changes in tax policy or accounting rules, fluctuations in foreign
exchange rates and commodity prices, adverse changes or volatility
in interest rates, as well as general economic, business, credit
and financial market conditions, internationally or nationally, and
our ability to continue paying a quarterly dividend in light of
future financial performance and financing needs. The
forward-looking statements included herein represent GAIN Capital's
views as of the date of this release. GAIN Capital undertakes no
obligation to revise or update publicly any forward-looking
statement for any reason unless required by law.
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SOURCE GAIN Capital Holdings, Inc.