OANDA Europe has just filed its annual accounts with the UK Companies House, reporting a profit of £1.27 million for the full year 2016. The number contrasts with a loss of £1.54 million in 2015. The figure is a result of changes to OANDA’s internal hedging models with the flow from certain instruments from the Australian subsidiary of the firm being transferred into the UK unit.
Total active accounts increased 22 percent from 10,959 to 13,404, while turnover rose 81 percent to £16.6 million. Among those figures £5.68 million were allocated from its parent company OANDA Corporation and £9.89 million were from OANDA Australia Pty.
Due to the corporate restructuring of flows, the results are not indicative of the company’s performance. OANDA’s parent company is a private entity headquartered in San Francisco.
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Client funds held by OANDA Europe totaled £42.5 million, which is higher by 15 percent when compared to the end of 2015. The year has been marked by the departure of Brian Myers and Daniel Skowronski as Directors at the firm.
In its regulatory filing the company has also outlined a couple of goals for the current year. OANDA aims to increase its UK market share and expand its presence in Europe and in the Middle East. The firm also is voicing its plans to continue with the development of an effective marketing engine for the faster realization of its expansion goals.
Recently the company has announced a true STP offering for clients in the US that are willing to deposit over $10,000. The news makes the company the only retail forex brokerage in the US that provides an agency service with raw spreads to its customers.