The Fx subsidiary of Deutsche Börse, 360T has released their quarterly numbers showing strong growth during the period. The results exclude the numbers of GTX, which it acquired from Gain Capital as because the acquisition process was completed in the final day of the quarter.
The financial numbers of GTX will start getting reported from next quarter under the 360T business segment. The results reported by the company shows robust growth during the quarter from all spectrums of the company.
During the third quarter, 360T generated a total revenue of €20.9 million, which is 26 per cent higher compared to the same quarter previous year and 13 per cent higher when compared to the previous quarter. For the nine months period, the total figure stood 15 per cent higher to €57 million.
Breaking up the revenue, in the third quarter, €17.8 million of 360T revenue came from trading, €3.1 million from others which includes membership fees, connectivity and miscellaneous.
Higher revenue was proportionate to the higher trading volumes and volatility across the emerging markets during the period. The average daily volumes for forex segment totaled €72 billion, which is 23 per cent higher compared to the same quarter last year. On nine months period, the daily average trading volume was 11 per cent higher to €67.2 billion. According to Deutsche Börse, the solid growth was achieved because of higher volatility and EMFX segment generating higher commissions due to wider spreads.
Apart from the increase in revenue, the company also managed to reduce its operating costs during the period, which went down by 14 per cent to €9.2 million. The EBITDA almost doubled to €11.7 million on a year-on-year basis, but adjusted EBITDA figure shows only 16 per cent rise to €8.6 million.