Saxo Capital Markets UK Posts a Small Loss in 2015 Due to SNB Black Swan

Saxo Capital Markets UK has just filed its annual Companies House report that shows the full accounts of the brokerage for 2015. The firm registered a 7.4 percent annual increase in trading revenues to £14.3 million ($17.4 million). Last year the company’s administrative expenses totaled £15.5 million ($18.9 million) which was higher by 71 percent when compared to the previous year.

Looking at the details, the company posted a loss of £7 million as the Swiss National Bank (SNB) removed the floor from the EUR/CHF Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rate on January 15th 2015. As a result, the company recorded a loss of £810,484, which compares to a profit of £5.9 million. The after tax return on assets was -1.5 percent, with the figure rising to +11.8 percent if we take out the exceptional costs around the SNB.

The company’s assets under management have increased to £702 million, which includes £192 million Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term. Saxo Capital Markets UK registered client growth totaling 14 percent throughout 2015. The company remained well capitalized with the net capital requirements of the firm exceeding FCA’s Pillar 1 capital requirement by 640 percent, totaling to £15,817,620.

Total revenues of the company have amounted to £21.11 million with fees and commissions accounting for £12.68 million, CFDs and other interests totaling £1.58 million and costs recharged to Saxo Bank’s group of companies entities totaling to £6.8 million.

The company spent about £9.8 million on staff costs, which is an increase of 158 per cent when compared to 2014, signifying that Saxo Markets UK has substantially committed to further expanding its operations. Looking at the total employee count, the firm has increased the total number of employees in 2015 to 69 from 54 at the end of the previous year. The company’s highest paid director received just one £1 million.

During 2015, the Saxo Markets UK has received just over £6.5 million in commissions from the company’s parent Saxo Bank A/S, which is higher by 23.6 percent when compared to 2014. For the same period Saxo Bank A/S charged Saxo Capital Markets UK about £2.2 million in fees, which is about flat year-on-year.