Leading international derivatives and foreign exchange broker Sucden Financial has reported record growing revenues and profits in 2017 as the company expands worldwide.
Sucden Financial has announced a net profit of £10.9 million for the year ending 31 December 2017, against £8.4 million in 2016. The firm’s record-high financial results include net revenues of £48.7 million, against £46.5 million in 2016, and total net assets of £101.6 million, against £90 million in 2016.
“Our latest financial figures reflect the stability and strength of our business. Revenues and profits are showing a healthy increase as the benefits of substantial investments in both established and new business areas begin to be realised”, said Michael Overlander, Chief Executive Officer of the London brokerage arm of Sucden, which was founded in 1973.
“The firm holds a strong position for further growth, not only in our traditional commodity space but also in foreign exchange, bonds and equities, where we continue to diversify the company’s activities”, Overlander added.
Sucden Financial Limited is authorized and regulated by the Financial Conduct Authority as it provides access to a broad range of markets, including exchange and OTC traded products, as well as equities, foreign exchange, and bullion.
The ring dealing member of the London Metal Exchange (LME) also has subsidiaries in Hong Kong (Sucden Financial (HK) Limited), which is regulated by the Securities and Futures Commission (SFC), and New York (Sucden Futures Inc.), which is regulated by the National Futures Association (NFA).
Sucden Financial has taken a number of steps to expand its business, including the launch of its new OTC FX Options Service, which offers users greater price transparency with the opportunity to price their own option structures online and benchmark them against independent data.
The company has recently appointed Noel Singh as Head of eFX Business Development to lead the firm’s development of its non-bank FX prime brokerage business.
In June 2017, Sucden Financial implemented smartTrade’s fully hosted FX solution LiquidityFX to cover the broker’s needs for connectivity to multiple liquidity providers, aggregation, order routing, pricing and distribution as well as a fully integrated order management system.