During the passing week we have reported many stories from the Online Trading industry but the ones with the most impact were overwhelmingly positive. Among the most important articles last week were two exclusive Finance Magnates reports which you could have only read here first.
Dukascopy record
On Monday we exclusively revealed Dukascopy Bank's unaudited full year results for 2015, showing a year of record profits. Looking at the bottom line, the results are nothing short of impressive as the profitability of the company has risen over 6 times when compared to the previous year to a record high of CHF 9.3 million ($9.5 million).
Commenting on the results, the CFO of Dukascopy Bank Laurent Bellieres stated: “Last year has been the best year ever in Dukascopy Bank’s history. It has also been exceptional because of the setting up of Dukascopy Japan in Tokyo after the acquisition of Alpari Japan.”
FXCM jumps
On Tuesday shares of FXCM Inc (NYSE:FXCM) have been trending higher, with no material events reported by the company. What could be the main factor behind the 15 per cent increase on the New York Stock Exchange is the realization by investors that the foreign exchange and CFDs brokerage is likely to have a pretty good quarter.
A year after the Swiss franc crisis which hit a number of Straight Through Processing (STP) brokers, exposing them to bad credit, FXCM continues to remain in business defying all odds. While shareholders of the company have suffered a massive blow, the firm continues to be in business and is providing one of the very few options for STP trading in the U.S.
Sberbank backs eToro
On Wednesday we exclusively reported that social Trading Platform developer and broker eToro has signed a one of a kind partnership with the biggest Russian lender, Sberbank. The companies are going to form a joint venture to provide the services of eToro to Russian investors.
The CEO of eToro, Yoni Assia, stated to Finance Magnates: “We are very excited to have Sberbank as one of the investors in eToro, and partnering in eToro Russia – we believe that with our innovative technology and global leadership in social trading and Sberbank’s huge business and amazing brand in Russia we will build the largest social trading network in the country.”
Big expectations for 360T
On Thursday Deutsche Börse issued its first financial report since its purchase of FX platform operator 360T. Purchased for €725 million, operationally, 360T is expected to play an important role for Deutsche Börse as it increases available asset types trading on electronic marketplaces.
According to Deutsche Börse, the firm has a mid-term target of €400-600 million in structural revenue opportunities above the €2.367 billion in revenues the firm reported during 2015. Of those goals, Deutsche Börse stated to shareholders that it expects 360T to provide over €100 million in annual revenues.
CMC Markets ruling
On Friday we reported that the Financial Services Complaints Ltd (FSCL), New Zealand’s dispute resolution body, has reversed its course in an initial ruling with financial services provider, CMC Markets, having now ruled against the trading venue.
The decision formally reverses last October’s ruling, resulting in CMC Markets awarding approximately $5000 to a client in New Zealand.While the sum is hardly groundbreaking, the ruling is yet another reminder of the freshness of the wounds inflicted on the industry following the CHF crisis.
