Saxo Capital Markets UK has released its annual report for the year 2016. The company posted an operating income of $32.76 million (£25.2 million). This includes the income from fees, commissions and interest. The figure represents an increase of 19% over the net operating income registered in 2015.
Operating profit came in at $11.18 million (£8.6 million), which is a turnaround as the firm posted an operating loss of $1.82 million (£1.4 million) in 2015, due to the SNB crisis of January that year.
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The company post a total profit of $9.49 million (£7.3 million) after taxation in 2016, in contrast to the loss of $1.04 million (£0.8 million) in 2015.
Diya Patel, Director of Saxo Capital Markets, expressed satisfaction over the 2016 results and believes that the company has been doing well so far in 2017. He hopes that the momentum will continue for the rest of the year.
It has to be noted that the company recently left the UK CFD and FX Association as it felt that the association did not reflect the views and interests of the company. Saxo believes that the UK Financial Conduct Authority’s position on providing access to margin products for retail clients was adequate.