BEDMINSTER, N.J., April 8, 2019 /PRNewswire/ -- GAIN Capital Holdings, Inc. GCAP ("GAIN" or "the Company") today reported certain operating metrics for the month of March 2019.
Mar-19 | Feb-19 | Mar-18 | Sequential | Year-over- | |||||||||
Retail Segment | |||||||||||||
OTC Trading Volume(1) | $ | 168.9 | $ | 134.4 | $ | 262.8 | 25.7 | % | (35.7) | % | |||
OTC Average Daily Volume | $ | 8.0 | $ | 6.7 | $ | 11.9 | 19.4 | % | (32.8) | % | |||
12 Month Trailing Active OTC Accounts(2) | 120,641 | 121,787 | 131,764 | (0.9) | % | (8.4) | % | ||||||
3 Month Trailing Active OTC Accounts(2) | 70,051 | 70,071 | 78,681 | -- | % | (11.0) | % | ||||||
Futures Segment | |||||||||||||
Number of Futures Contracts | 622,194 | 542,556 | 771,749 | 14.7 | % | (19.4) | % | ||||||
Futures Average Daily Contracts | 29,628 | 28,556 | 36,750 | 3.8 | % | (19.4) | % | ||||||
12 Month Trailing Active Futures Accounts(2) | 7,387 | 7,437 | 7,959 | (0.7) | % | (7.2) | % | ||||||
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All volume figures reported in billions. | |||||||||||||
1 US dollar equivalent of notional amounts traded. | |||||||||||||
2 Accounts that executed a transaction during the relevant period. | |||||||||||||
Management Commentary
"The first quarter saw unusually tight range-bound markets with CVIX at a 5 year low and close to its 2007 low, impacting client volumes and resulting in retail revenue per million (RPM) of approximately $51 for the quarter. On a trailing 12-month basis, however, RPM remains in line with historical averages, at $104," said Glenn Stevens, Chief Executive Officer. "Despite the challenging market conditions, we saw positive traction in several key operating metrics, including stable active accounts and a record number of new accounts in the first quarter. This represents the third consecutive quarter of new account growth, against an approximately 20% lower marketing spend than the prior quarter," continued Mr. Stevens. "Looking ahead, we continue to have confidence in our long-term outlook and, with an expanding client base and diversified product offering and geographic footprint, believe we are well positioned upon the return of more normalized market conditions."
Additional Tax Rate and Share Count Assumption Update
The Company has updated its tax rate assumptions and expects its tax rate for full year 2019 to be approximately 17%-19% and estimates its weighted-average common shares outstanding for the first quarter 2019 to be approximately 37.5 million shares.
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.
SOURCE GAIN Capital Holdings, Inc.
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