360T Revenues Grow 26%, GTX Still Excluded from Report

Deutsche Börse’s foreign exchange subsidiary is outperforming in the third quarter

The foreign exchange subsidiary of Deutsche Börse, 360T is out with quarterly numbers. The Frankfurt-headquartered exchange which made headlines by acquiring GAIN Capital’s GTX business maintains solid growth.

The results of 360T still exclude any revenues from GTX, since the acquisition was only completed on the final day of the quarter.

Deutsche Börse highlighted in its earnings report that the company’s revenues and costs and profits will only be reported starting from the next quarter under the 360T business segment.

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Average daily volumes for the foreign exchange business of Deutsche Börse totaled €72 billion. The number was higher by 23 percent when compared to the same quarter last year.

For the nine months that ended on September 30, 360T’s trading volumes were higher by 11 percent to €67.2 billion per day.

360T generated growth across all spectrums with an increasing amount of new clients and trading activity.

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EM FX Volatility Drives Revenues Growth

Net revenues of 360T totaled €20.9 million in the third quarter. The number is higher by 26 percent when compared to a year ago and by 13 percent when compared to Q2.

For the first nine months of the year, the metric stood higher by 15 percent to €57 million.

Looking at the details in the report, €17.8 million of 360T’s revenues in Q3 came from trading. Another €3.1 million were classified in the ‘others’ segment which includes connectivity and membership fees.

Overall the increase in trading volumes was proportionate to revenues. Deutsche Börse explains this with its solid product mix where the company saw larger volumes of products with higher margins.

The above fits in with higher volatility across emerging markets over the summer. The EMFX segment is traditionally generating higher commissions due to the much wider spreads.

360T Costs & Profits

While revenues increased, the operating costs of 360T declined year-on-year. The company reported that during the three months that ended on September 30, costs went down by 14 percent to €9.2 million.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) almost doubled year-on-year to €11.7 million. The 98 percent rise evaporates in the adjusted EBITDA figure, which shows a 16 percent rise to €8.6 million.

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