One of the most dynamic spot FX trading platform providers in the industry, ParFX has filed its annual results with the UK Companies House. The firm is reporting that its clients base has continued growing throughout 2017.
The total turnover of the subsidiary of Tradition, ParFX, increased by six percent when compared to 2016. The figure stood at £7.5 million ($9.5 million) for last year.
The costs of the company rose just around 1 percent, to £6.85 million ($9 million). Consequently, ParFX doubled its profits in 2017. According to the filing, the firm managed to book an after-tax profit of £680,000 ($892,000).
Commenting to Finance Magnates on the company’s results, the CEO of ParFX, Dan Marcus, said: “ParFX is one of the fastest growing platforms in spot FX and continues to receive support from a broad section of the industry.”
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“We are satisfied with our ability to attract a diverse range of participants and trading strategies that promote good trading behaviour. Our vision and model set out at launch remains future-proofed and aligns strongly with the FX Global Code,” Marcus elaborated.
New Prime Clients and Brexit Risks
According to the company’s filing, ParFX is continuing to attract new prime clients. The firm also secured a new Founding member all the way back in March 2017.
The main risk to the continuing growth of the company singled out by management is the outcome of the Brexit negotiations. The “significant uncertainty” which has spread across the financial sector is pressuring businesses.
The UK board of the parent company of ParFX, interdealer brokerage Tradition, has formed a Brexit Committee. The body is tasked with debating the issues arising from the negotiations. The committee’s goal is to provide insights to the management team of the company.
Brexit has been a core issue for the UK financial industry ever since the vote in 2016. While on the surface businesses are well expecting some amount of turbulence, the lack of clarity about Brexit is now affecting confidence materially.