CLS Reports $12.4 Million Loss in H1 of 2019, Revenues Rise

CLS Group, a settlement provider to foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) market participants, has published its interim financial results for the six months ended on the 30th of June 2019.

During the six months, CLS reported revenue of £103.1 million ($127.1 million). When measuring this against the same period of the previous year, which recorded a revenue of £101.5 million, it has grown by 1.6 percent.

Although revenue increased on a yearly comparison, the average traded volume submitted by CLS’ members fell by 5.4 percent year-on-year, from $1.85 trillion in the first half of 2018, down to $1.75 trillion for the six months ended June 30th, 2019.

Furthermore, the average price per USD million settled remained flat in the first half of 2019, on an annual comparison. In addition, the average daily instructions increased to 1 million; this is higher than the 0.9 million instructions received in the first half of last year.

At the same time, operating expenses increased by six percent in the first half of 2019, when weighed against the same period of the previous year. According to the report, this uptick is the result of accelerated amortization of the core settlement asset alongside investment in governance and control functions.

CLS Group reports loss of £10.1 million

For H1 of 2019, CLS reported a loss of £10.1 million; however, on an underlying basis, profit for the period was £1.3 million, which is lower than the £9.2 million profit achieved in the first half of 2018 by 85.9 percent.

“While our reported profit is materially lower, this reflects the Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of our near and long-term priorities, and by adopting an underlying measure, adjusting for one-off positive and negative distorting impacts, we are able to better compare year-on-year results,” said Trevor Suarez, the Chief Financial Officer at CLS Group.