Citadel Securities (Europe), a market-making firm, today published its annual financials for 2019, reporting a significant fall in its revenue and profits.
From January 1, 2019, until December 31, 2019, the company earned net revenue of $175,123, down from $251,144 in the previous year. This means the year-on-year revenue of the company declined by more than 30.2 percent.
With this, the annual pre-tax profits of the company took a more severe dent as it slumped to $25,021 from $98,559 in 2018.
The Companies House filing further detailed that it paid $110,000 as dividends in 2019. However, the directors did not recommend any final ordinary dividend payment.
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The UK-registered company offers liquidity provisions and market making services in equities, futures, options, interest rates, swaps, and government securities. Additionally, it provides trade agency services and support, trade execution, portfolio management, trading algorithm, and software development to other Citadel Securities group affiliates.
Bracing for Post-Brexit
The Group is also preparing itself for the post-Brexit implications and has already established a Dublin-based subsidiary to smoothly continue operations in Europe.
“Trading in EU markets was scaled up in the Irish regulated entity to ensure the maintenance of EU market access by the CS Group in case of any Brexit scenarios,” the filing noted.
Furthermore, the company invested in technology in 2019 and expanded its offerings in the non-European markets and the US government securities. All these resulted in a 6.4 percent increase in the company’s administrative expenses.
Meanwhile, Citadel Securities Finance, another company under the Group incorporated in April 2019, also published its first financial report until the end of last year. The company handles treasury and cash management provisions for the Group and posted an income of $3,620 generated from outstanding loans.