ParFX Profits Slipped 12% YoY in 2019

FCA-regulated ParFX, a spot 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 Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, has published its annual financial results for 2019, ending on December 31, showing a yearly decline in its revenue and profits.

According to the latest Companies House filing, the total turnover for the period declined to $6.84 million from the previous year’s turnover of $7.11 million. That was a year-over-year decline of 3.8 percent.

The administrative expense of the company remained around $5.5 million, a percent less than the previous year. With this reported revenue and expense, the trading platform turned a pre-tax profit of $1.5 million, which includes $146,000 generated from the provision of electronic data to third parties. In the previous year, the platform earned $1.7 million before taxes.

March Numbers Are Still Unknown

It is to be noted that the reported figures were from 2019 and does not count the business received in last March with the market volatility. Brokers gained a windfall in that month with a massive increase in demand.

The net profit of ParFX in 2019 came in at $1.2 million, which was 12.4 percent lower than the previous year.

ParFX is a subsidiary of the Tradition UK group that operates several other financial services platform in the United Kingdom.

“The principal activity of the Company is the provision of a wholesale electronic trading platform for spot FX products, supporting multiple currency pairs on a 24 hour basis,” ParFX explained.

The brokerage further detailed that the net liability of its shareholders’ fund has decreased from $5.88 million to $4.68 million due to the generated profits. It did not distribute any dividends from the profits.

Furthermore, the company updated on the group’s preparedness for Brexit with a 'contingency plan' and the possible transfer of staff and 'certain operations' within the 27 country bloc.