After diving by nearly one-third in Q1, leading Swiss online brokerage Swissquote (a member of LeapRate’s Approved List of Forex brokerage firms) announced today that FX volumes in Q2 rebounded nicely to average CHF 28 billion per month (or $30 billion), up more than 25%. Swissquote also saw a nice (12.5%) rise in FX client assets over Q1, to CHF 136 million ($140 million).
Increasing volatility in the USDCHF, which has been approaching par, helped drive the increase in volume, accompanied by a general pickup in volatility globally which we have see drive up the LeapRate Retail FX Volume Index, sponsored by Leverate.
Swissquote also reported that its new fully-owned subsidiary in Dubai received a category 4 license from the DFSA (Dubai Financial Services Authority). The license permits Swissquote to actively offer its banking services in the Middle East and Asia, including arranging credits or deals in investments, and advising on financial products or credit arranging custody.
Swissquote expanded its presence in the FX business via the acquisition of ACM in October 2010 for CHF 41.7 million (at the time worth $43 million). Swissquote completed the full integration of ACM into its own website and operations last year.
Swissquote’s shares responded well to the earnings release, up 1.4% in Friday trading on the SIX-Swiss Exchange.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.