It seems like FXCM wasn't the only broker that had a tough Q3 2012. In this issue of Espipionage, we focus on another forex giant, Gain. Below is a summary of how Gain performed in Q3 2012. Take a look!

It was also noted that active accounts were relatively steady over the past year, decreasing by just 4% from Q3 2011 to Q3 2012. Meanwhile, client assets picked up by 10.6% year-on-year, reaching $316.9 million as of September 30, 2012.

According to Gain, the decline in revenues was the result of lower market volatility. Lower volatility meant less possible trade setups for clients, which, in turn, reduced overall client activity. In forex trading, movement is necessary to make money.

The disappointing Q3 performance has prompted Gain to work towards increasing client trade activity again. For Q4, Gain will present fresh new marketing campaigns to promote its new improved retail trade offerings.

This includes a much bigger portfolio of products that will be delivered through a new platform called "Trade."

Gain also believes that the additions it had made to its institutional execution desk back in August and its purchase of futures business online futures broker Open E Cry (OEC) will have a strong positive effect on revenues.

Will Gain be able to recover? Or is this the beginning of a long-term decline for Gain's retail forex trading business? Let me know what you think!