LeapRate Exclusive… LeapRate has learned via regulatory filings that Tickmill UK Ltd, the FCA licensed arm of Estonian-controlled Retail FX brokerage group Tickmill, posted fairly impressive results during its first full year of operation.
Tickmill UK received its FCA authorization in July 2016, and started trading activities in November 2016.
The Tickmill group was established and is controlled by Cyprus-based Estonian nationals Ingmar and Evely Mattus. Ingmar Mattus was Head of Brokerage at Admiral Markets before setting up Armada Markets in his native Estonia in 2011. Armada acted as an introducing broker to LMAX Exchange, and was eventually folded into Tickmill. The Mattus family hired former City Index, ODL Securities and Hirose UK executive Duncan Anderson to run the UK operation. Another family member, Illimar Mattus, serves as CFO of Tickmill UK and sits as a Director of the company.
Tickmill also acquired CySEC licensed Vipro Markets Ltd last year, renaming the company Tickmill Europe Ltd. That business continues to be run by Vipro co-founder Valerijus Ovsianikas, also an Admiral Markets alum. The group also owns a Seychelles licensed entity.
The filings indicate that Tickmill UK posted an average of $16.3 billion of monthly FX trading volumes over the last seven months of 2017 (June through December).
Over that seven-month period Tickmill UK generated £3.87 million of Revenue, which translates into an annual Revenue run rate of £6.6 million (USD $8.6 million). The company paid out more than £1 million in commissions. Profits for the period were £1.6 million, translating into an annual run rate of £2.8 million ($3.6 million). The company exited 2017 with £3.5 million of capital.
Tickmill UK also grew its Client Assets held in segregated accounts to £6.3 million ($8.1 million) as at year-end 2017, up from just £2.7 million as at May 31, 2017.