Forex Broker News: CFT Sees Q2 Dip In Revenue
The forex broker Compagnie Financiere Tradition (CFT), a Swiss-based subsidiary of a Japanese retail broking giant published its Q2 financials for 2021. It ended the period in question with a consolidated revenue of CHF 213.3 million. This is a decline of 9 percent on a fixed exchanged rate when compared to the same quarter of 2020.The Swiss forex group and forex broker’s consolidated revenue reached CHF 231.8 million. This was slightly less than the CHF 254.5 million that were generated in 2020. This shows a downward slip of 8.4% when taken on a constant exchange rate.CFT Group has its headquarters in Switzerland and is a major interdealer broker in over-the-counter financial and commodity products. CFT also operates one of the largest Japanese retail brokers which is Gaitame.The forex broker also announced that adjusted revenue from its IDB (interdealer business) was also down by around 8.6% in the quarter. Figures generated by the forex trading business for retail investors in Japan (non-IDB) were down by a more modest 2.4%.Notwithstanding the quarterly downturn, the company highlighted that July’s revenue figures were stronger than those in the same month of 2020.If you haven’t yet started trading forex, have a look at these .Forex Broker CFT Continues Following Industry TrendsWhen one considers the half-yearly results, CFT’s consolidated revenue was down to CHF 452 million when compared to the previous year’s CHF 512.8 million. The eventual adjusted number came in at CHF 491 million which is a decline of just under 10% on constant rates.IDB and non-IDB businesses also showed considerable declines for the Swiss-based Compagnie Financiere Tradition. These were down by 9.8 and 13.8 percent respectively.The Covid Pandemic Brought Huge Volatility in the Markets Which Has Now SettledIn notes to the financial statements, CFT noted that there was exceptional activity in all business verticals across the first semester of 2020 due to the Covid19 pandemic.“The activity of the first semester 2021 should be put into perspective with the exceptional volume of activity in the same period last year, particularly in March and to a lesser extent in April. Indeed, the gradual health crisis resulting from COVID-19 had caused very high volatility in the financial markets positively impacting the Group’s revenue,” the company noted.Looking to trade forex now? Invest at eToro!67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.