Compagnie Financière Tradition has reported its financial results for the first quarter of 2016 revealing the company’s Japanese retail foreign exchange business has continued to perform strongly. Finance Magnates estimates that the company has registered up to 9 million in revenues from its Japanese subsidiary Gaitame.com throughout the first quarter.
Revenues from Japanese subsidiary Gaitame.com have increased 57.4 per cent at current exchange rates and 45.8 per cent in constant currencies when compared to the first quarter of 2015.
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The business has been boosted by volatility in the Japanese yen as well as a broad decline in the U.S. dollar and a rise in commodities. With Japanese traders traditionally tilted towards trading their domestic currency and indices, the massive moves in the Nikkei have also contributed to a solid quarter.
Overall the company has reported that its consolidated revenue for the first quarter totaled $225 million (CHF 219.5 million), which is a decline of 3.4 per cent at current exchange rates and 4.9 per cent in constant currencies when compared to the first quarter of 2015.
The adjusted revenue from Compagnie Financière Tradition’s inter-dealer broking business (IDB) was down 4.1 per cent at current exchange rates, which is also lower by 5.6 per cent in constant currencies when compared to last year.
Last month Compagnie Financière Tradition reported its revenues for 2015 at CHF 814.5 million, which was down 2.7 per cent at currency exchange rates when compared to CHF 837.5 million in 2014. The company’s inter dealer broking business continued ticking lower primarily due to the recent consolidation on the bond markets, where volatility has been suppressed by central banks globally.