FXSpotstream
Europe Ltd, the EMEA branch of multibank FX aggregation services provider for
spot FX trading, has published its financial report for 2022. According to the
latest data presented this week, the company recorded growth in all major
financial indicators compared to 2021.
FXSpotstream Europe
Increases Its Net Profit by 34%
FXSpotstream
Europe generated gross revenue of $2.6 million, compared to the $1.9 million
reported in 2021. After subtracting costs, the operating profit stood at
$123,000, compared to $108,000 twelve months earlier.
The final
net profit was $112,407, which is an increase of nearly $29,000 (34%) compared to the
$83,703 reported in 2021. Retained earnings at the end of the year stood at
$607,580 and grew by over $100,000 on a yearly basis.
The
European branch of FXSpotstream operates in the United Kingdom, where according
to local law, it is classified as a ‘small company’, hence the rules for
reporting results are simplified. A ‘small’ company is defined as any firm that
meets two of the following three conditions: employs 50 or fewer people, has
£5.1 million or less on its balance sheet, and has a turnover of £10.2 million
or less.
According
to the newest report, FXSpotstream Europe employed 11 people in 2022 and
looking at its balance sheet as well as its generated turnover, it meets all the
conditions to be a small enterprise.
FXSpotStream’s Trading
Volume Strengthens in May
FXSpotStream
recently announced its trading figures for May 2023 from its primary
headquarters. The firm reported a substantial improvement in total monthly trading
volumes of $1.28 trillion, which is a surge of 16% from April’s figure of $1.1 trillion.
Over the
same period, the firm reported an average daily volume (ADV) of $55.5 billion,
showing a slight uptick of 0.3% month-over-month (MoM) from the ADV of $55.3
billion seen in April. However, on a year-over-year (YoY) basis, the ADV experienced a decline of 5%
from May 2022’s amount of $58.4 billion.
When
examing the last three months, the total volumes appear to be relatively stagnant,
with the figures for March, April, and May standing at $1.53 trillion, $1.1
trillion, and $1.28 trillion, respectively. In the same period, MoM changes in
ADV showed mixed trends with +6.2%, -17.2%, and +0.4%, respectively.
Amid these
financial updates, FXSpotStream has bolstered its leadership team with the
recent appointment of Jeremy Rose as the Senior Vice President and Head of
Liquidity Management. According to his LinkedIn, Rose joined the company in May
and operates from the London office.
However,
the year marked a significant departure as Alan F. Schwarz, the Co-Founder
and CEO of FXSpotStream, ended his 11-year tenure at the firm. Schwarz, whose
impressive career spans over 30 years, co-founded FXSpotStream in August 2011.
Prior to this, he served as the General Counsel of Americas at ICAP North America
Inc. from 2003 to 2009 when he co-founded Trading Cross Connects. This is also where he sat at the helm as President and Chief Operating Officer from February 2009 to
November 2001.
This article was written by Damian Chmiel at www.financemagnates.com.
