FX trading provider FXCM reported record third quarter results in the run-up to the global financial stock markets meltdown.
Revenue for the quarter ending 30 September 2008 was $104.2 million, nearly doubling that of the previous year’s Q3 which was $55m. Earnings before interest, tax, depreciation and amortisation (EBITDA) at $56.3 million was a 136% increase from Q2 to Q3 2008, and over 200% higher than Q3 the previous year ($18 milloin).
FXCM says it expects strong growth for the remainder of 2008, as well as 2009, with the continued growth of the retail forex industry and the company increases its market share.
“2008 has been one of the most demanding years for the retail forex industry, with quickly changing market conditions and extreme volatility. FXCM’s core business of serving self-trading clients performed strongly throughout the year, including the first two quarters when the market saw a sharp decline in volatility. FXCM’s primary business model, agency execution, enables the company to generate strong earnings in both high and low volatility periods,” says the firm in a release.
FXCM believes it will win more business by continuing to develop new products based on client segmentation, offering competitive spreads, and regionalising and expanding its offerings across the globe.