The company filed an official document showcasing the performance of its UK unit, which represents only a fraction of the group’s business.
European brokerage house, XTB (X-Trade Brokers), formerly known as X Open Hub, has filed audited documentation of its UK unit performance for 2014. With the UK subsidiary posting a $1.34 loss for last year, Finance Magnates’ reporters reached out to the company’s executive team to learn more about the firm’s performance.
The president of the company, Jakub Maly, shared, “Despite the prevalence of rumors presently circulating around in the UK, our group has experienced steadfast growth in recent months, helped in large by investing into technology, user experience, and further geographical reach of our services.”
“We have invested extensively into UK operations to make sure our services have been on par with the global market standards, however relative to Europe and LATAM, XTB as a whole made over €17.0 million net, which included consolidated losses from UK in 2014,” he explained.
The UK unit of the company has committed to expanding its operations in the institutional sector, while receiving $1.72 million in share capital funding from the parent company. Institutional sales revenues posted in the UK subsidiary have increased by 85 percent for the past year as retail operations dropped around 47 percent.
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Speaking about the outlook for 2015, Mr. Maly said that the firm actually got a boost after the Swiss National Bank induced turmoil. He proceeded to explain, “Due to events such as the Swiss National Bank (SNB) this year and general volatility in the markets over the last couple of months, our earnings are in much better shape this year.”
“We wanted to bring XTB to the level of global players and improve upon our past performance and currently we have already been able to increase our customer base by 33% over the past year,” he shared.
Looking at the global operations of the company, XTB has been actively pursuing opportunities outside of the European Union (EU), largely in the Latin American region. At the end of last year, the firm established a subsidiary in Uruguay, which will be the strategic partner for XTB Limited to expand its operations into the region.
Mr. Maly shed some further light on the operations of the company in the region, “We generally see Latin America as a region with positives and negatives but we also feel it is a very interesting market, despite regulatory difficulties.”
“We still believe that Latin America can be a very interesting and successful place for XTB in the future. We have also continued to see robust market developments there, which make us feel we can foster the same sort of growth that we achieved so far. Moreover, we are pushing education in LATAM and are presently working in the region to better understand the LATAM markets and continue to grow in 2015 and beyond,” he added.