Tradition publishes Gaitame Japan's results - showcases Japanese fx slowdown

Tradition is the interdealer broking arm of Compagnie Financière Tradition and one of the world's largest interdealer brokers in over-the-counter financial and commodity related products. Represented in over 27 countries, Compagnie Financière Tradition is listed on the Swiss Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term.

It's a little known fact that Tradition has holdings in both Gaitame Japan and FXDD.

Tradition's biggest rival is ICAP whose CEO Michael Spencer is also a large shareholder in City Index which is in turn owns FX Solutions and is invested in several other brokerages.

Tradition's 2011 report disclosed some information on Gaitame Japan's status - the business is slowing down (just as all other fx businesses in Japan) and it's undergoing a restructuring: "Revenue from the Japanese subsidiary Gaitame’s activity in the first six months of 2011 fell 67.9% in constant currencies, to CHF 26.5m. Consolidated revenue includes 49.5% of Gaitame.com activity."

This means Gaitame's yearly revenues run rate is around CHF 50 million in 2011 down from about CHF 150 million in 2010.