Tradition publishes Gaitame Japan's results - showcases Japanese fx slowdown

Tradition is the interdealer broking arm of Compagnie Financière Tradition and one of the world's largest interdealer brokers in over-the-counter financial and commodity related products. Represented in over 27 countries, Compagnie Financière Tradition is listed on the Swiss Stock Exchange .

It's a little known fact that Tradition has holdings in both Gaitame Japan and FXDD.

Tradition's biggest rival is ICAP whose CEO Michael Spencer is also a large shareholder in City Index which is in turn owns FX Solutions and is invested in several other brokerages.

Tradition's 2011 report disclosed some information on Gaitame Japan's status - the business is slowing down (just as all other fx businesses in Japan) and it's undergoing a restructuring: "Revenue from the Japanese subsidiary Gaitame’s activity in the first six months of 2011 fell 67.9% in constant currencies, to CHF 26.5m. Consolidated revenue includes 49.5% of Gaitame.com activity."

This means Gaitame's yearly revenues run rate is around CHF 50 million in 2011 down from about CHF 150 million in 2010.