LeapRate Exclusive… LeapRate has learned that London based, FCA regulated institutional FX broker FIXI plc has posted a loss of £2 million USD ($2.6 million) for fiscal 2017, ahead of a planned expansion of services to the UK retail trading market. FIXI has a March 31 fiscal year end.
FIXI’s revenues during the year were flat from 2016, at £1.4 million ($1.8 million).
Control of FIXI was acquired during the year by Goran Drapac, better known to people in the currencies world as founder and longtime CEO of Australia based Retail FX broker AxiTrader and its parent company AxiCorp. Mr. Drapac bought control of FIXI from Carlos Sevilleja, who has run into trouble with his other FX companies Creative Finance Limited and Cosmorex Limited, which are both in liquidation in the British Virgin Islands.
Before Mr. Drapac bought control of FIXI, the company had entered into a strategic partnership with AxiTrader back in 2015.
Following the acquisition-of-control by Mr. Drapac, FIXI has spent a good part of the past year restructuring its operations (see details below), which in large part has led to the £2 million loss. Mr. Drapac invested £3 million into FIXI during the year to cover the losses, as FIXI broadened its product range and added new trading platforms to widen its appeal to a more diverse client base than it had under previous ownership.
FIXI also made request to the FCA, which was approved, to take on retail clients.
FIXI is run day-to-day by Managing Director Steve Reeves, former CFO of GKFX. Mr. Drapac also had AxiTrader’s head of institutional business Alex Mackinnon very involved with overseeing the changes at FIXI, with Mr. Mackinnon also sitting on FIXI plc’s board of directors. However Mr. Mackinnon recently left Axi for rival CFH Systems, as was exclusively reported at LeapRate.
FIXI now operates four divisions:
- FIXI Markets, which will appeal mainly to Retail FX traders
- FIXI Select, which will work with traders aiming to become professional traders
- FIXI eFX, for institutional and corporate clients with direct access to liquidity, and
- FIXI Partners, a white label and introducing broker solution.
FIXI plc’s 2017 income statement follows: