FXCM UK Sees 71.6% Drop in Turnover YoY in 2019, Reduces Losses
- FXCM UK posted a loss of $1.04 million for the year ended 31st December 2019.
Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Capital Markets Limited (FXCM) has published details of its financial performance for its operations within the United Kingdom for the year ended on the 31st of December 2019.
FXCM UK is a wholly-owned subsidiary of Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term, LLC, which is part of the FXCM Group, LLC. The foreign exchange (forex) and contracts for difference (CFD) broker is regulated by the Financial Conduct Authority (FCA).
According to the document filed through UK Companies House, FXCM UK posted a loss of $1.04 million for the year. Although the company still closed out the year on a loss, the loss is actually less on a yearly comparison, as the broker posted a $4.3 million loss in 2018.
Turnover during the 12 month period came in at $16.72 million. When measuring this against the previous year, which, as Finance Magnates reported, achieved a turnover of $58.8 million, it is lower by 71.6 per cent.
Finance Magnates has reached out to FXCM to clarify why there was such a large drop in turnover, as well as explain its loss for the year. It is worth highlighting that 2019 was the first full year of operations for FXCM UK after ESMA implemented its product intervention measures. This was compounded with low volatility in the markets.
FXCM UK sees YoY drop in retail trade volume
As we have reported extensively, ESMA’s restrictions, which included leverage caps, hit a lot of brokers operating within Europe and the UK hard, with many seeing significant drops in revenue.
Whether this is the reason for FXCM UK’s financial performance, at this point, has not been confirmed. Although, it is worth pointing out that despite the strain ESMA’s measures placed on brokers, FXCM UK did still manage to reduce its loss by 70.8 per cent against the previous year.
Retail trade volume for the year ended on the 31st of December 2019 came in at $542 billion. Although this might seem like a solid value, it is lower by 50.9 per cent from the $1.10 trillion retail trade volume seen in 2018.
Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Capital Markets Limited (FXCM) has published details of its financial performance for its operations within the United Kingdom for the year ended on the 31st of December 2019.
FXCM UK is a wholly-owned subsidiary of Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term, LLC, which is part of the FXCM Group, LLC. The foreign exchange (forex) and contracts for difference (CFD) broker is regulated by the Financial Conduct Authority (FCA).
According to the document filed through UK Companies House, FXCM UK posted a loss of $1.04 million for the year. Although the company still closed out the year on a loss, the loss is actually less on a yearly comparison, as the broker posted a $4.3 million loss in 2018.
Turnover during the 12 month period came in at $16.72 million. When measuring this against the previous year, which, as Finance Magnates reported, achieved a turnover of $58.8 million, it is lower by 71.6 per cent.
Finance Magnates has reached out to FXCM to clarify why there was such a large drop in turnover, as well as explain its loss for the year. It is worth highlighting that 2019 was the first full year of operations for FXCM UK after ESMA implemented its product intervention measures. This was compounded with low volatility in the markets.
FXCM UK sees YoY drop in retail trade volume
As we have reported extensively, ESMA’s restrictions, which included leverage caps, hit a lot of brokers operating within Europe and the UK hard, with many seeing significant drops in revenue.
Whether this is the reason for FXCM UK’s financial performance, at this point, has not been confirmed. Although, it is worth pointing out that despite the strain ESMA’s measures placed on brokers, FXCM UK did still manage to reduce its loss by 70.8 per cent against the previous year.
Retail trade volume for the year ended on the 31st of December 2019 came in at $542 billion. Although this might seem like a solid value, it is lower by 50.9 per cent from the $1.10 trillion retail trade volume seen in 2018.