Advanced Markets (UK) Limited, the UK trading arm of a multi-asset liquidity and prime-of-prime service provider, has released its annual report and year-end financial statements for the 12-month period ending December 31, 2023.
The latest results filed with the UK Companies House show a slight uptick in turnover in conjunction with a modest profit for the reported fiscal period.
For the fiscal year 2023, Advanced Markets’ revenue rose to £2.26 million from £2.12 million in the year prior, up by 7 percent year-over-year.
However, Advanced Markets saw a rise in administrative expenses during the latest fiscal period, reported at £2.16 million, up by a factor of 24 percent year-over-year from £1.74 million in 2022.
Looking at the group’s bottom-line metrics for the financial year, which factored out interest receivable and other income, Advanced Markets reported a net profit of £114,635. This figure is lower than the £372,673 the company earned a year earlier.
Advanced Markets’ institutional business operates a 100 percent STP/agency model based on its FCA and AFSL licenses. Advanced Markets’ STP platform enables FX market participants to trade on prices streamed by more than ten FX banks in an anonymous market structure.
Earlier this month, the company teamed up with UAE-based financial services provider, Daman Securities to spin off Daman Markets as an independent entity.
Riding on the success of Daman Markets, the forex and CFD trading arm of Daman Securities LLC, the partnership plans to blend Daman Securities’ regional influence and SCA oversight with Advanced Markets’ tech and liquidity networks.
Per the official statement, the partnership is set to position Daman Markets as a key player in the financial sector, providing clients with a wide array of financial solutions and services.
Samer Mourched, CEO of Advanced Markets Bermuda, has become the newly appointed CEO of Daman Markets.
Back in 2022, Daman Securities joined forces with Advanced Markets on a strategic expansion of their respective service portfolio.
As part of this collaboration, Daman Securities leverages Advanced Markets’ capabilities to offer over-the-counter margined derivative contracts, including CFDs and spot FX trading, under the brand name Daman Markets.
Having built a reputable presence in the UAE and the broader GCC region over the past 27 years, the alliance with Advanced Markets allows for greater transparency in pricing, improved execution speed and lower transaction costs.
