Compagnie Financiere Tradition Reports YoY Q1 Revenue Decline

Compagnie Financiere Tradition (CFT), a Swiss interdealer broker and operator of a Japanese retail broking giant, published its financials for the first quarter of 2021, reporting a significant drop in its year-over-year revenue mostly due to the windfall in March last year.

As per the reported figures, the consolidated revenue of the group for the three months came in at CHF 238.6 million, compared to CHF 277.3 generated in the same quarter the previous year. That was a decline of 14 percent at current exchange rates and 10.6 percent at the constant exchange rate.

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The consolidated adjusted revenue stood at CHF 259.2 million. Last year in the same quarter, this figure was at CHF 303.5 million, meaning there was a decline of 11.3 percent at constant currency rates.

CFT’s numbers highly depend on the currency exchange rates as a large part of its business is based outside its home turf, specifically in Japan where it operates Gaitame, one of the country’s largest retail brokerage platforms.

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Additionally, the group elaborated that the adjusted revenue from its interdealer broking business dropped by 10.8 percent at a constant exchange rate, while forex trading business for retail investors in Japan declined by a massive 21.8 percent.

Could Not Match March 2020 Windfall

Though the average level of activities at the group’s platforms increased in January and February, the demand in March could not match the massive windfall gain last year due to the Covid-spurred market volatility.

“An important base effect was noted in the month of March given the exceptional volume of activity in 2020 which took place in a context of a gradual health crisis resulting from COVID-19, causing very high volatility in the financial markets,” the group pointed out.

The group posted its annual 2020 figures earlier, showing a 25 percent jump in its operating profits at a constant currency exchange rate.


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