Financial technology company NEX Group continues its cost-cutting operation as it highlights the return of FX volatility.
The massive spike in FX Volatility in the first month of 2018 has prompted NEX Group to post an upbeat guidance for the year. The company’s CEO Michael Spencer explicitly mentioned foreign exchange as a key driver but cautioned about the lack of clarity whether the multi-year trend of low FX vol has finally come to an end.
The company published a trading statement today, outlining key growth metrics for the firm in the third quarter of its fiscal year that ended on the 31st of December 2018. The company will be posting its full-year results on the 22nd of May 2018.
Shares of NEX Group spiked higher by 8 percent after the report and the upbeat comments from the CEO of the company, Michael Spencer. He outlined that the company is on track to deliver an expected improvement in the operating margin of NEX Optimisation in the second half of the year.
Key Performance Indicators
The revenue of NEX Group increased by 3 percent year-on-year in the third quarter of fiscal 2018. Throughout the final three months of the calendar year, the revenues of NEX Markets decreased by 10 percent as the base effects from the US presidential election in 2016 played a role.
BrokerTec, which is the company’s fixed income Trading Platform, continues to preserve its market share, while EBS has shown robust growth in both NDF and CNH volumes.
The revenues of the NEX Optimisation unit increased by 10 percent which was driven by wider adoption of the company’s triReduce compression service and the triResolve reconciliation product.
The firm’s MiFID II regulatory reporting solution went live on 3 January with more than 380 new contracts, with an annualised revenue value of more than £10 million. In addition, US tax cuts are yielding an effective tax rate reduction to 22-24% next year from 26-28% this year.
Upbeat Outlook
Investors have reacted positively to the results and the outlook comments from the company’s CEO.
Commenting on the evolution of factors driving key metrics at NEX, Michael Spencer, said: "Market volatility was low during the quarter in contrast with last year when volumes picked up in the aftermath of the US presidential election. Nevertheless we are making headway with our transformation programme as we continue to reshape NEX for tomorrow's financial markets and reduce costs.”
“Since the beginning of January, our markets have been noticeably more active as FX volatility has increased from historic lows. However, it is still too early to assume with any confidence that the previous and prolonged period of subdued market conditions has come to an end,” he elaborated.
The massive spike in FX Volatility in the first month of 2018 has prompted NEX Group to post an upbeat guidance for the year. The company’s CEO Michael Spencer explicitly mentioned foreign exchange as a key driver but cautioned about the lack of clarity whether the multi-year trend of low FX vol has finally come to an end.
The company published a trading statement today, outlining key growth metrics for the firm in the third quarter of its fiscal year that ended on the 31st of December 2018. The company will be posting its full-year results on the 22nd of May 2018.
Shares of NEX Group spiked higher by 8 percent after the report and the upbeat comments from the CEO of the company, Michael Spencer. He outlined that the company is on track to deliver an expected improvement in the operating margin of NEX Optimisation in the second half of the year.
Key Performance Indicators
The revenue of NEX Group increased by 3 percent year-on-year in the third quarter of fiscal 2018. Throughout the final three months of the calendar year, the revenues of NEX Markets decreased by 10 percent as the base effects from the US presidential election in 2016 played a role.
BrokerTec, which is the company’s fixed income Trading Platform, continues to preserve its market share, while EBS has shown robust growth in both NDF and CNH volumes.
The revenues of the NEX Optimisation unit increased by 10 percent which was driven by wider adoption of the company’s triReduce compression service and the triResolve reconciliation product.
The firm’s MiFID II regulatory reporting solution went live on 3 January with more than 380 new contracts, with an annualised revenue value of more than £10 million. In addition, US tax cuts are yielding an effective tax rate reduction to 22-24% next year from 26-28% this year.
Upbeat Outlook
Investors have reacted positively to the results and the outlook comments from the company’s CEO.
Commenting on the evolution of factors driving key metrics at NEX, Michael Spencer, said: "Market volatility was low during the quarter in contrast with last year when volumes picked up in the aftermath of the US presidential election. Nevertheless we are making headway with our transformation programme as we continue to reshape NEX for tomorrow's financial markets and reduce costs.”
“Since the beginning of January, our markets have been noticeably more active as FX volatility has increased from historic lows. However, it is still too early to assume with any confidence that the previous and prolonged period of subdued market conditions has come to an end,” he elaborated.
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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