BidFX Generates £1.8 Million in Profits in H1 2020
- The company is now considering further expanding its product and reach.
BidFX, a provider of cloud-based electronic forex trading solutions, published its half-yearly financials for the first six months of 2020, reporting a pre-tax operating profit of £1.8 million for the period.
The profit figures were significant as the UK-registered company ended 2019 with a loss of £0.4 million.
The growth of the company can be seen in its turnover. Its revenue for the six months came in at £9.6 million, compared to the previous year’s revenue of £10.9 million.
“The strong revenue performance was driven from the successful client acquisition strategy with over 100 of the world’s largest banks, hedge funds, and asset managers currently connected to its platform,” the filing with the UK Companies House noted.
The net asset of the company went up in the period to £20.4 million from the previous year’s £18.2 million.
Expansion under New Ownership
2020 remained eventful for BidFX as the company was fully acquired by the Singapore Exchange (SGX), which earlier held only 20 percent in the British company.
Under the new ownership, BidFX is now expanding aggressively, primarily entering the OTC markets with FX futures. The company is expanding its product offering for international FX participants from pre-trade data and analytics and trade Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term to post-trade clearing.
In addition, the company detailed that it is diversifying its customer base from different business types and new geography.
“Upon joining SGX group of companies, BidFX will expand our coverage to include FX futures, which gives sophisticated investors a hedge to access the broader market across OTC and futures Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term pools,” BidFX noted.
“BidFX also plan to further expand our sales force to accelerate on our clients’ acquisition and focus on research and product development to offer comprehensive solutions and enhanced distribution capabilities to meet the rapidly changing market requirements.“
BidFX, a provider of cloud-based electronic forex trading solutions, published its half-yearly financials for the first six months of 2020, reporting a pre-tax operating profit of £1.8 million for the period.
The profit figures were significant as the UK-registered company ended 2019 with a loss of £0.4 million.
The growth of the company can be seen in its turnover. Its revenue for the six months came in at £9.6 million, compared to the previous year’s revenue of £10.9 million.
“The strong revenue performance was driven from the successful client acquisition strategy with over 100 of the world’s largest banks, hedge funds, and asset managers currently connected to its platform,” the filing with the UK Companies House noted.
The net asset of the company went up in the period to £20.4 million from the previous year’s £18.2 million.
Expansion under New Ownership
2020 remained eventful for BidFX as the company was fully acquired by the Singapore Exchange (SGX), which earlier held only 20 percent in the British company.
Under the new ownership, BidFX is now expanding aggressively, primarily entering the OTC markets with FX futures. The company is expanding its product offering for international FX participants from pre-trade data and analytics and trade Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term to post-trade clearing.
In addition, the company detailed that it is diversifying its customer base from different business types and new geography.
“Upon joining SGX group of companies, BidFX will expand our coverage to include FX futures, which gives sophisticated investors a hedge to access the broader market across OTC and futures Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term pools,” BidFX noted.
“BidFX also plan to further expand our sales force to accelerate on our clients’ acquisition and focus on research and product development to offer comprehensive solutions and enhanced distribution capabilities to meet the rapidly changing market requirements.“