Profitability of the Swiss broker was also lower despite higher client deposits due to costs mainly related to the rollout of new products
According to the broker’s annual report for 2014 filed by Dukascopy Bank, the company experienced a slowdown in revenues and marked lower profits last year. At a time when a number of big brokers have already diversified their offerings away from foreign exchange, Dukascopy played a relatively slow catch up in 2014 with the launch of its own CFDs products.
As Volatility in foreign exchange markets waned during the first half of the year, the recovery towards the end of the year wasn't enough for Dukascopy to get back on track with its operating results.
The total operating income for 2014 amounted to CHF 27.1 million ($26.95 million at an exchange rate of 0.99435), which is lower by 10 percent when compared to 2013. At the same time, costs have risen by 5.7 percent with operating expenses totaling CHF 25.9 million ($ 25.75 million).
While there is no specific information about the reasons, we could guess that the figure is related to the new products which the company rolled out in 2014, namely binary options and CFDs.
Another interesting point to mention is that despite rising costs, the average number of full time employees has dropped materially from 2013. While the total workforce figure stood at 213.8 in 2013, it got slashed by 20 percent to 172.1 last year
Bottom line, the results of Dukascopy Bank were much leaner than in 2013. Gross profit amounted to CHF 1.3 million ($1.29 million) which is lower by 76.8 percent when compared to the full year 2013.
With the first half of 2014 being particularly difficult for the broker, a case can be made that weak financial performance or the delay in launching CFDs when compared to industry peers led to the departure of the company's former CEO Alain Broyon.
In its 2014 annual report, the Swiss brokerage also published a post-SNB statement, “The Swiss National Bank’s decision to abandon the 1.20 peg on the EUR/CHF exchange rate has been followed by a large and sudden move. Effective Risk Management measures implemented by our bank have successfully limited the impact of this event on Dukascopy and its clients.”
“Although Dukascopy decided to compensate negative balances which appeared on some client accounts, Dukascopy Bank did not suffer any relevant loss in relation to this exceptional event,” the SNB-related statement concludes.
While the company states in its annual report that it has 21.9 percent more client deposits, according to balance sheet data its liabilities to customers have only grown 3.6 percent to a total of CHF 103.2 million ($102.6 million).
The full details of the annual report can be found below:
According to the broker’s annual report for 2014 filed by Dukascopy Bank, the company experienced a slowdown in revenues and marked lower profits last year. At a time when a number of big brokers have already diversified their offerings away from foreign exchange, Dukascopy played a relatively slow catch up in 2014 with the launch of its own CFDs products.
As Volatility in foreign exchange markets waned during the first half of the year, the recovery towards the end of the year wasn't enough for Dukascopy to get back on track with its operating results.
The total operating income for 2014 amounted to CHF 27.1 million ($26.95 million at an exchange rate of 0.99435), which is lower by 10 percent when compared to 2013. At the same time, costs have risen by 5.7 percent with operating expenses totaling CHF 25.9 million ($ 25.75 million).
While there is no specific information about the reasons, we could guess that the figure is related to the new products which the company rolled out in 2014, namely binary options and CFDs.
Another interesting point to mention is that despite rising costs, the average number of full time employees has dropped materially from 2013. While the total workforce figure stood at 213.8 in 2013, it got slashed by 20 percent to 172.1 last year
Bottom line, the results of Dukascopy Bank were much leaner than in 2013. Gross profit amounted to CHF 1.3 million ($1.29 million) which is lower by 76.8 percent when compared to the full year 2013.
With the first half of 2014 being particularly difficult for the broker, a case can be made that weak financial performance or the delay in launching CFDs when compared to industry peers led to the departure of the company's former CEO Alain Broyon.
In its 2014 annual report, the Swiss brokerage also published a post-SNB statement, “The Swiss National Bank’s decision to abandon the 1.20 peg on the EUR/CHF exchange rate has been followed by a large and sudden move. Effective Risk Management measures implemented by our bank have successfully limited the impact of this event on Dukascopy and its clients.”
“Although Dukascopy decided to compensate negative balances which appeared on some client accounts, Dukascopy Bank did not suffer any relevant loss in relation to this exceptional event,” the SNB-related statement concludes.
While the company states in its annual report that it has 21.9 percent more client deposits, according to balance sheet data its liabilities to customers have only grown 3.6 percent to a total of CHF 103.2 million ($102.6 million).
The full details of the annual report can be found below:
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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