Cloud-based electronic forex trading provider BidFX has recently reported an operating profit of £1.8 million before tax for the first half of 2020. The profits announced in these half-yearly financials are particularly significant when considering that BidFX ended 2019 on a loss of £0.4 million.
Revenue reported for the first half of 2020 alone came in at £9.6 million, showing its growth compared to 2019’s overall revenue of £10.9 million. An increase in BidFX’s net asset can also be seen in the report, rising to £20.4 million compared to 2019’s £18.2 million.
The UK Companies House filing reported:
The strong revenue performance was driven from the successful client acquisition strategy with over 100 of the world’s largest banks, hedge funds, and asset managers currently connected to its platform.
In 2020, the UK-registered BidFX saw the Singapore Exchange take the full acquisition of the company. SGX had previously only obtained 20% of the company. The new acquisition comes hand-in-hand with significant expansions, including expanding into OTC markets with FX futures.
BidFX is now developing its range of products on offer to its international FX clients. This expansion ranges from trade execution and pre-trade analytics and data all the way through to post-trade clearing. The company is also working towards diversifying its general customer base, targeting varied business types and new geography.
BidFX said:
Upon joining SGX group of companies, BidFX will expand our coverage to include FX futures, which gives sophisticated investors a hedge to access the broader market across OTC and futures liquidity pools.
At the end of 2020, the company announced that financial services provider to institutional investors, State Street, made its four FX algorithmic strategies available on the BidFX platform. This has allowed clients to access State Street’s FX Algo Suite directly on the platform, with each of the four strategies offering a wide range of flexibility on executions suited to specific client requirements and trading preferences. This is further proof of the different ways in which the company is working to expand.
BidFX said:
BidFX also plan to further expand our sales force to accelerate on our clients’ acquisition and focus on research and product development to offer comprehensive solutions and enhanced distribution capabilities to meet the rapidly changing market requirements.
