Preliminary FM Intelligence data put metals at about 69% of retail CFD volume in Q3, down from 78% in the comparable Q2 sample, while currency pairs rose from 10% to 16%. Finance Magnates discussed the figures on 2 November, saying the early analysis was published the previous Thursday and only covered brokers that had reported so far.
The early estimate places total volume about 8% above Q2. Metals still exceed FX by more than four times. Applying that total-volume estimate to the reported shares would imply metals volume about 4% lower and FX about 70% higher, but only if the two quarters’ broker samples match. The calculation is conditional, not a confirmed industry-wide growth rate.
The broader Q2 dataset had put FX at 13.7%, rather than the 10% in this preliminary comparison. The report also distinguishes traded volume from income: XTB’s 70.8% commodity-CFD share is a gross-result measure. These percentages cannot be interchanged or presented as a single consistent market-share series.
Finance Magnates links the quarter’s currency activity to yen intervention and central-bank decisions, and calculates annualised USD/JPY volatility at 9.0% against 5.4% in Q2. Those contextual observations do not establish causation for every broker’s flow. FM Intelligence plans a final report after remaining submissions; the current mix should remain labelled preliminary.
Sources
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