Gaitame parent Tradition, which also holds an interest in FXDD, reports overall 3% drop in revenue
Compagnie Financière Tradition reported first-quarter consolidated revenue of CHF 221.6 million, compared with CHF 235.3m in same period in 2013, a decline of 5.8% at current exchange rates or 2.8% in constant currencies.
For the same period, the Group’s consolidated adjusted revenue was CHF 236.4 million, compared with CHF 252.6 million in 2013, a decline of 3.3% at constant exchange rates. The adjusted revenue from interdealer broking business (IDB) was down 2.7% in constant currencies while the forex trading business for retail investors in Japan (Non-IDB) was down 24.9%.
Compagnie Financière Tradition has been somewhat bold recently, having launched its own corporate trading platform ParFX last year, which gained significant support from large financial institutions across the world, showing that banks are still keen to participate when new platforms arrive on the market.
Despite this innovation, the company’s fortunes remain in decline, a direction which has been apparent for two years, although these recent results depict a gloomier picture for the company’s Japanese subsidiary than in its native Europe.
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