The companies, products and regulatory developments shaping the broker industry.
An exact conversion of FFAJ data shows the scale and velocity of Japan’s retail OTC FX market, while preserving the crucial distinctions among gross turnover, open notional exposure, customer margin and broker revenue.
StoneX’s Self-Directed/Retail FX and CFD business processed sharply less volume in its fiscal third quarter, yet earned more on each million traded. FXBrokers.ai’s reconstruction shows how mix and monetisation offset part of the activity decline—and why the wider group data point to a different result.
Tickmill UK’s reported notional volume rose 7.35% to US$146bn while turnover fell 11.1% and revenue per reported US$1m declined 17.2%; below operating profit, finance and other income supplied 58% of pre-tax earnings.
SGX processed far more FX activity in FY2026, but net revenue grew at barely one-third of the volume rate. A carefully bounded index shows lower revenue density without pretending it is a contractual fee rate.
Flow Traders reduced a key first-half activity metric by more than 10% while saying net trading income was unchanged. The correction shows how internal trade-counting rules can alter apparent market share and productivity without changing earnings.
CFI says quarterly turnover rose 123% year-on-year and 14% quarter-on-quarter, but those flow measures do not reveal net spread income or profitability.
October data show a 25% annual rise in Cboe index-options ADV to 6.889m contracts, contrasting with a 10.3% decline in multi-listed options.
Bullish reported $37.7 billion in October trading volume, down from $48.6 billion in September; the mix reveals a deeper contraction in options than in spot business.
The multibank venue reports $163.22 billion in overall daily average trading, with spot and non-spot volumes both easing month on month while remaining above October 2025.
MEXC reports more than 460 stock, index and ETF futures contracts by September, alongside growing tokenised-equity activity; the products must not be conflated with direct ownership of listed shares.
MultiBank Exchange Holding announces a new predominantly Emirati board and more than $500 billion of October trading, alongside a 400-nanosecond matching-engine claim that lacks independent benchmark detail.
Japan Exchange Group reported record first-half derivatives trading value of ¥2,381 trillion alongside high Prime Market cash turnover and a 44.5% night-session share, using measures that should not be conflated.
The broker reports 80.9 million closed trades and USD2.45 trillion of volume. Its platform sample is not a market-wide investor survey.