Swiss Broker Tradition Releases Financial Report for First Half of 2014

Swiss interdealer broker Compagnie Financiére Tradition published its financial report for the first half of 2014 on Wednesday, which showed significant decline in both profits and revenues.

The group’s consolidated revenue stood at CHF 425.4 million in the first six months of 2014 compared to CHF 475.9 million reported in H1 2013, a drop of 7.8 percent on constant currency basis. Operating profit fell 3.4 percent in constant currency basis to CHF 26.8 million with a margin of 6.3 percent compared with 6.0 percent in H1 2013.

Consolidate net profit stood at CHF 18 million, down from CHF 26.6 million in the first half of 2013, with a proportion of CHF 16.4 million against CHF 21.5 million last year, a drop of 22.2 percent on constant exchange rate basis.

Revenue from Tradition’s Japanese retail FX business, Gaitame.com, fell 37.2 percent at constant exchange rates from the first half of 2013, a period that was characterized by high volatility in the FX market.

Tradition attributed the low volatility in significant asset classes, market upheavals due to regulatory changes and the associated uncertainties, especially in OTC derivatives markets, for its weak performance in the first half of 2014.

Meanwhile, Australian CFD and FX broker DMM FX Australia launched a new revamped website on Wednesday that features a user-friendly client portal that simplifies account management and trading activities.

DMM FX Australia, which is regulated by the Australian Securities and Investments Commission (ASIC), is a subsidiary of the second biggest retail broker in the world by volume, the Japanese DMM Securities. DMM FX Australia was launched in October 2013.