The Summer Slowdown? Not This Year

July is often perceived as a quieter period in financial markets, with reduced staffing and lighter trading volumes across parts of the industry. Yet for interdealer markets, activity rarely stops. It simply shifts. Despite expectations of a seasonal slowdown, July remained active across FX and interest rate markets, with market participants closely monitoring central bank expectations, geopolitical developments and evolving liquidity conditions. Across GMG's entities, brokerage trading activity increased by double digits in July 2026 compared with July 2025, reflecting resilient institutional trading demand despite the seasonal backdrop. August has also started strongly, suggesting that this momentum is continuing. Institutional clients continue to require liquidity, reliable execution and trusted counterparties regardless of the season. In many emerging and frontier markets, where liquidity can be fragmented, these periods often place even greater value on experienced intermediaries capable of providing consistent market access. Summer may influence calendars, but it does not stop markets. For institutions active across emerging and frontier markets, consistency, access to liquidity and trusted execution remain just as important in August as they are at any other time of the year. At GMG, delivering that level of consistency is our commitment every day of the year.