Contract for difference (CFD) broker Admiral Markets AS has moved its headquarters in the Estonian capital Tallin. Having been based in the city for eight years already, the firm has moved to a swanky new building in the city’s Maakri Quarter.
For you plebs unfamiliar with the layout of the Eastern European city, the Maakri Quarter is its new business district – think Wall Street Estonian style. Admiral Market’s new office is going to be in one of the only skyscrapers taller than 100m in the city.
Moving to a new office is fairly impressive – particularly given the current state of the European retail brokerage market. With many firms moving offshore and predicting downturns in revenue, it’s positive to see a firm feeling confident enough to move to a new office.
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Commenting on the reasons for the move, Admiral Markets AS CEO Sergei Bogatenkov said, “following unprecedented growth over the past 12 months, we are happy to be taking this next step with our team. We look forward to continuing to serve our clients and delivering a superior trading and investment experience from our new location.”
PR-speak aside, Admiral Markets AS has genuinely done very well in 2018. The first half of the year saw it raking in a record level of revenue. On top of this, the firm increased its net profits by 127 percent to 5 million euros.
Whether or not it will be able to keep that up for the second half of this year is less clear. Volatility was high in the first three months of this year which meant greater trading volumes.
More significantly, the European Securities and Markets Authority’s product intervention measures came into effect this August. One broker that Finance Magnates spoke to this Thursday – not Admiral Markets – reported a 30 percent decline in its European Union (EU) trading volumes compared to its non-EU markets.