Swissquote also expanding to Malta, second office outside Switzerland.
Leading Swiss online brokerage Swissquote (a member of LeapRate’s Approved List of global Forex brokerage firms) announced today that FX volumes increased nicely in Q3 to average CHF 37 billion per month (or $38 billion), up more than 30% over Q2. This is a nice development to see, as many other firms reported slowing volumes over the summer months. On an overall corporate level, Swissquote reported flat revenues in Q3 (of CHF 28 million, or about $29 million), with profits increasing 9% over Q2 to total CHF 6.3 million ($6.5 million).
Swissquote shares reacted well to the news, trading up about 1% in early trading on the SIX Swiss Exchange.
Swissquote also announced:
- In October it opened an office in Malta, its second location outside Switzerland (the other being Dubai), with a team of five based there.
- The Swiss DOTS (Swiss Derivatives OTC Trading System) which launched in May in cooperation with Goldman Sachs and UBS is seeing a continual increase in volumes, with 7,600 transactions executed in October alone.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.