TradeStation’s daily average revenue trades rose 17.8% in October while Coincheck’s exchange turnover fell. Monex Group’s latest operating figures reveal an uneven month across its disclosed businesses.[1]
October activity moved in different directions
| Reported measure | October 2026 | Change from September |
|---|---|---|
| TradeStation daily average revenue trades | 353,748 | +17.8%Source 1 |
| Coincheck exchange turnover | ¥179.678bn | −17.5%Source 1 |
| Coincheck marketplace turnover | ¥12.708bn | +4.1%Source 1 |
| Monex Japanese stock trade value | ¥2,794.6bn | Broadly unchangedSource 2 |
TradeStation’s count was also 36.2% above a year earlier. DARTs count commissionable customer orders, regardless of quantity. Asset mix, quantities and pricing affect revenue per order, so activity growth cannot establish equivalent revenue growth.[1]
More Japanese executions, smaller tickets
Japan’s separate series shows 154,709 executions per business day, up 2.6%. Average trade value fell 11.8% to ¥860,000. Near-flat monthly turnover thus masks more daily executions at smaller sizes.[2]
Margin trades averaged ¥1.384m, down 14.8%; cash trades averaged ¥513,000, down 4.3%. Month-end margin positions eased to ¥298.2bn from ¥304.5bn.[2]
These figures cover domestic stocks, ETFs and REITs, counting executions within an order. Their monthly turnover and daily execution averages are not directly comparable with TradeStation’s commissionable-order count.[2]
Activity is only part of the earnings picture
Monex’s integrated report, published on 2 November, identifies securities and margin lending, payment for order flow and net interest income alongside trading activity in TradeStation’s business. It also identifies lower interest rates or weaker customer cash balances as risks. These are distinct earnings drivers that the October order series does not measure.[3]
The same report describes Monex Inc. as an equity-method affiliate pursuing an asset-gathering model. Its monthly stock turnover should therefore not be treated as a proxy for either all of its revenue opportunities or the consolidated group’s sales.[3]
The preliminary series uses corrected historical data and measures activity, not profit.[1]
Sources & further reading
- October operating metrics and definitions Monex Group · Accessed 6 Nov 2026
- Monthly Japanese stock brokerage disclosure Monex · Accessed 6 Nov 2026
- Integrated Report 2026 Monex Group · 2 Nov 2026 · Accessed 6 Nov 2026