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Screenshot of a breaking news alert e-mail from Q2 2017
- Forex volumes up 7.3% from Q2 to CHF 37 billion monthly (although in US$ terms volumes were basically flat at $41 billion / month, because of the large CHF devaluation during the quarter).
- Forex assets up 2% to CHF 130 million.
- Forex accounts up 6% to 10,464 accounts.
The company as a whole (which has a roughly 50% market share in online Swiss stock trading, and also offers ePrivate banking and savings) had a very good quarter, with:
- Revenue up 6% from Q2 to CHF 33 million.
- Net income up 19% to CHF 8.5 million.
The market reacted positively to the news, with Swissquote shares (SIX Swiss Exchange: SQN) up 4% in early Friday trading.
As we wrote earlier, we were very curious to see Swissquote’s Q3 results, and see if the Swiss National Bank’s actions in early September – which caused a large devaluation of the CHF – had any material effect on the firm, and in particular on its eForex business. Apparently no damage was done, and the firm continued to successfully grow the business it purchased last year (ACM), while continuing to strengthen its equity position.