The initial payment for the acquisition is $15.1 million in cash.
TP ICAP, the largest interdealer broker in the world, on Friday confirmed rumors that it has acquired Axiom Commodity Group, a US-based energy and commodities brokerage firm. The initial payment for the acquisition is $15.1 million in cash.
According to the regulatory filing, a further $3.1 million will be paid over three years and, depending on the performance of the business over this time frame, an extra $10.9 million will also be paid to the commodities broker.
Following the acquisition, Axiom will become part of TP ICAP's Energy & Commodities division. As reported by Finance Magnates earlier this week, Axiom has a large presence in natural gas, petroleum, power, biofuels, and grains markets, allowing TP ICAP to expand its footprint in these markets.
TP ICAP Reports Stagnant Revenues
As we previously reported, it was largely expected that the announcement of the deal would coincide with TP ICAP revealing its financial results for the four months ended October 31, 2018, which the firm also published today.
During this four-month period, revenue was flat, coming in at £568 million ($739.8 million), up one percent from the revenue of £562 million experienced in the same time period last year. Year to date (January to October), the firm achieved revenue of £1.478 billion. This is down by one percent year-on-year from £1.487 billion, but up 3 percent at constant exchange rates.
According to the statement, the flat revenue is a reflection of mixed market conditions during the period. Global Broking revenue was in line with the prior year, with both rates and equities performing well. Revenue for energy and commodities also came in around the same value as the four months ended October 31, 2017. The company's Data & Analytics business, on the other hand, saw strong revenue growth in the period of 11 percent.
Commenting on the results, Nicolas Breteau, the Chief Executive of TP ICAP plc, said: "today's trading update demonstrates that TP ICAP is well placed to grow in mixed market conditions, characterised by periodic Volatility that we saw in October following the US Federal Reserve's rates decision."
“This underlines our firmly-held belief that investing in growth areas such as Data & Analytics will benefit TP ICAP over the longer-term as we develop solid and scalable revenues across our global businesses."
“I am also pleased to announce the acquisition of Axiom Commodity Group, an energy and commodities broker based in the US. The purchase of Axiom, which has 22 brokers and specialises in crude oil, refined oil products, ethanol and physical grains, continues the expansion of our Energy & Commodities division and reinforces our existing presence in Houston, Texas."
TP ICAP, the largest interdealer broker in the world, on Friday confirmed rumors that it has acquired Axiom Commodity Group, a US-based energy and commodities brokerage firm. The initial payment for the acquisition is $15.1 million in cash.
According to the regulatory filing, a further $3.1 million will be paid over three years and, depending on the performance of the business over this time frame, an extra $10.9 million will also be paid to the commodities broker.
Following the acquisition, Axiom will become part of TP ICAP's Energy & Commodities division. As reported by Finance Magnates earlier this week, Axiom has a large presence in natural gas, petroleum, power, biofuels, and grains markets, allowing TP ICAP to expand its footprint in these markets.
TP ICAP Reports Stagnant Revenues
As we previously reported, it was largely expected that the announcement of the deal would coincide with TP ICAP revealing its financial results for the four months ended October 31, 2018, which the firm also published today.
During this four-month period, revenue was flat, coming in at £568 million ($739.8 million), up one percent from the revenue of £562 million experienced in the same time period last year. Year to date (January to October), the firm achieved revenue of £1.478 billion. This is down by one percent year-on-year from £1.487 billion, but up 3 percent at constant exchange rates.
According to the statement, the flat revenue is a reflection of mixed market conditions during the period. Global Broking revenue was in line with the prior year, with both rates and equities performing well. Revenue for energy and commodities also came in around the same value as the four months ended October 31, 2017. The company's Data & Analytics business, on the other hand, saw strong revenue growth in the period of 11 percent.
Commenting on the results, Nicolas Breteau, the Chief Executive of TP ICAP plc, said: "today's trading update demonstrates that TP ICAP is well placed to grow in mixed market conditions, characterised by periodic Volatility that we saw in October following the US Federal Reserve's rates decision."
“This underlines our firmly-held belief that investing in growth areas such as Data & Analytics will benefit TP ICAP over the longer-term as we develop solid and scalable revenues across our global businesses."
“I am also pleased to announce the acquisition of Axiom Commodity Group, an energy and commodities broker based in the US. The purchase of Axiom, which has 22 brokers and specialises in crude oil, refined oil products, ethanol and physical grains, continues the expansion of our Energy & Commodities division and reinforces our existing presence in Houston, Texas."
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!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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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
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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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