Dukascopy Posts Lower Revenues in First Half of 2017

Dukascopy Bank, a major Swiss brokerage catering to foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and CFDs traders, has reported total revenues of $14.63 million (CHF 14.05 million) for the first half of 2017, ending July 31, 2017. This is a drop of 17% from the second half of 2016 and an 18% drop from its revenues in H1 2016, when it had achieved record revenues.

Register now to the London Summit 2017, Europe’s largest gathering of top-tier retail brokers and institutional FX investors

Operating expenses jumped to $15.5 million (CHF 14.9 million), an increase of 11% from the second half of 2016.

A combination of lower revenues and higher operating expenses led to an operating loss of $939,282 (CHF 901,711), as opposed an operating profit of $3.4 million (CHF 3.3 million) over the second half of 2016, marking a downturn in the fortunes of the company after a record year in 2016.

[gptAdvertisement]

This has led to a total profit of only $5,530 (CHF 5,309) in the first half of the year, as opposed to a total profit of $2.56 million (CHF 2.46 million) in the second half of 2016.

Compared to the first 6 months of 2016, business volumes have increased 7 percent in the first 6 months of this year and now stands at a monthly average of $63.8 billion (CHF 61.6 billion).

This year, Dukascopy has maintained its diversification strategy by expanding its CFD offering and reduced its minimum commissions on single stock CFDs in a bid to stay relevant in an increasingly competitive industry. It also announced the introduction of a new version of its web platform earlier in the year.