Compagnie Financière Tradition reported revenue growth of 9.4% at constant exchange rates in the third quarter, driven by expansion in its core interdealer broking operations across global markets, the company reported today (Thursday).
Tradition's Revenue Climbs 9.4% as Interdealer Broking Expands
The Swiss brokerage, which operates in over 30 countries, posted consolidated revenue including joint ventures of CHF 278.3 million for the quarter, up from CHF 272.3 million a year earlier. Reported gains were reduced by the Swiss franc's appreciation against the dollar and other currencies since January.
Tradition's interdealer broking business, which connects institutional traders in over-the-counter products, grew 10.7% at constant exchange rates during the quarter. The unit saw activity pick up across all regions and asset classes, with particularly strong performance in July and September. That momentum carried into October, the company said.
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“The IDB business recorded growth of 10.7% at constant exchange rates, driven by the expansion across all regions and asset classes,” the company said in its quarterly statement.
The results align with the figures reported for the first half of 2025, when revenue increased by 12%.
Third Quarter Performance by Segment
Business Segment | Q3 2025 (CHF million) | Q3 2024 (CHF million) | Reported Change | Constant FX Change |
Interdealer Broking (IDB) | 271.6 | 262.4 | +3.5% | +10.7% |
Retail Investors (Non-IDB) | 6.7 | 9.9 | -32.7% | -25.3% |
Total Revenue | 278.3 | 272.3 | +2.2% | +9.4% |
Japanese Retail Operations Stumble
The picture looked different in Tradition's retail-focused Japanese business, where revenue fell 25.3% at constant exchange rates. Activity in that segment slowed sharply in July and August before recovering in September and extending gains into October.
The Non-IDB business “declined by 25.3% at constant exchange rates during the quarter, reflecting a marked slowdown in the sector over July and August, before returning to growth in September, a trend that continued into October,” according to the company's statement.
For the first nine months of the year, Tradition recorded consolidated revenue of CHF 910.4 million, an 11.3% increase at constant exchange rates compared with CHF 849.3 million in the same period last year.
Currency Impact Masks Underlying Growth
The gap between constant-currency and reported figures highlights the impact of foreign exchange movements on Tradition's results. Third-quarter reported revenue rose just 2.2%, while nine-month reported revenue increased 7.2%. The company generates substantial income in dollars and other currencies that have weakened against the franc.
Tradition noted that “reported performance was tempered by the strengthening of the Swiss franc since the beginning of the year, particularly against the US dollar.”
Tradition's interdealer broking division accounted for CHF 879.2 million of revenue through September, up 11.0% at constant rates. The retail business contributed CHF 31.2 million, representing 20.4% growth at constant exchange rates despite the third-quarter decline.
The company employs more than 2,400 people and brokers transactions across money markets, bonds, derivatives, equities , commodities and precious metals. Tradition shares trade on the SIX Swiss Exchange.
