April profits were down from March’s strong numbers but were still in line with historical averages despite slightly depressed volumes. Results early in the month were muted with gold being the primary source of revenues. The majority of PL was generated in the second half of the month with selloffs in GBPUSD and EURUSD driving profitability.

While the month was relatively strong overall, several brokers experienced malicious flow in spot oil products. The activity was concentrated at the start or end of the Asian session with hold times under 5 minutes. The strategy does not take a directional view of the market, rather it looks to benefit from its own market impact. If not identified and addressed quickly, the flow had a substantial negative impact on overall results.

*Average Daily Volume represents the daily volume from ISRA customers for each day of the month divided by the average daily volume for the month. Each day is represented as a percent of the average.

** Average Daily B Book PnL represents the daily B Book PnL from ISRA customers for each day of the month divided by the average daily B Book PnL for the month. Each day is represented as a percent of the average.

Source: IS Risk Analytics Database. Past Performance is not necessarily indicative of future results


China’s Covid related lockdowns continue to apply downward pressure on the county’s recovery from pandemic related slowdowns. China’s GDP did expand 4.8 percent in the first three months of the year, but most of that growth was recorded in January and February, before the latest round of virus-related restrictions were put in place. Despite the risks to economic growth, the Chinese government has reiterated that it will stick to its “dynamic zero-Covid” policy in order to minimize Covid’s impact on the health of its citizens.


The European Union is contemplating the ban of all Russian oil from the continent in response to Russia’s invasion of Ukraine. Under the proposal, the majority of the bloc’s 27 nations would cease imports by the end of the year, but Hungary, Slovakia, and the Czech Republic would be granted additional time to make the transition. If enacted, the sanctions may add financial pressure on President Putin to end the war but will also likely lead to fuel shortages on the continent as the EU imports approximately a quarter of its oil from Russia.


US GDP contracted by .4% in the first quarter of 2022 leading to fears that the country’s economy may be headed into a recession. The data, while troubling, did not move the Federal Reserve to adjust its expected plan to raise interest rates by .5% in early May to combat inflation. With US inflation at a 40-year high, additional rate hikes are expected in the coming months.

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