FXSpotstream Europe Ltd, the EMEA branch of multibank FX aggregation services provider for spot FX trading, has published its financial report for 2022. According to the latest data presented this week, the company recorded growth in all major financial indicators compared to 2021.

FXSpotstream Europe Increases Its Net Profit by 34%

FXSpotstream Europe generated gross revenue of $2.6 million, compared to the $1.9 million reported in 2021. After subtracting costs, the operating profit stood at $123,000, compared to $108,000 twelve months earlier.

The final net profit was $112,407, which is an increase of nearly $29,000 (34%) compared to the $83,703 reported in 2021. Retained earnings at the end of the year stood at $607,580 and grew by over $100,000 on a yearly basis.

The European branch of FXSpotstream operates in the United Kingdom, where according to local law, it is classified as a 'small company', hence the rules for reporting results are simplified. A 'small' company is defined as any firm that meets two of the following three conditions: employs 50 or fewer people, has £5.1 million or less on its balance sheet, and has a turnover of £10.2 million or less.

According to the newest report, FXSpotstream Europe employed 11 people in 2022 and looking at its balance sheet as well as its generated turnover, it meets all the conditions to be a small enterprise.

FXSpotStream's Trading Volume Strengthens in May

FXSpotStream recently announced its trading figures for May 2023 from its primary headquarters. The firm reported a substantial improvement in total monthly trading volumes of $1.28 trillion, which is a surge of 16% from April's figure of $1.1 trillion.

Over the same period, the firm reported an average daily volume (ADV) of $55.5 billion, showing a slight uptick of 0.3% month-over-month (MoM) from the ADV of $55.3 billion seen in April. However, on a year-over-year (YoY) basis, the ADV experienced a decline of 5% from May 2022's amount of $58.4 billion.

When examing the last three months, the total volumes appear to be relatively stagnant, with the figures for March, April, and May standing at $1.53 trillion, $1.1 trillion, and $1.28 trillion, respectively. In the same period, MoM changes in ADV showed mixed trends with +6.2%, -17.2%, and +0.4%, respectively.

Amid these financial updates, FXSpotStream has bolstered its leadership team with the recent appointment of Jeremy Rose as the Senior Vice President and Head of Liquidity Management. According to his LinkedIn, Rose joined the company in May and operates from the London office.

However, the year marked a significant departure as Alan F. Schwarz, the Co-Founder and CEO of FXSpotStream, ended his 11-year tenure at the firm. Schwarz, whose impressive career spans over 30 years, co-founded FXSpotStream in August 2011. Prior to this, he served as the General Counsel of Americas at ICAP North America Inc. from 2003 to 2009 when he co-founded Trading Cross Connects. This is also where he sat at the helm as President and Chief Operating Officer from February 2009 to November 2001.