Swiss bank and brokerage firm, Swissquote has announced its financial update for the year 2018. The company not only met the guidance issued in the first half of 2018 but also achieved a new milestone in its corporate history.
The company during the year has made a new record in terms of both revenue realisation and profits. The company has not posted the full year profit but has posted its top and bottom line figures for the second half of the year.
The total earnings during the year 2018 increased by 15 per cent year-on-year to CHF 214 million ($220 million) and pre-tax profits for the same period increased by 16 per cent on the yearly basis, which came in at CHF 53.5 million ($55 million). The results don’t include the figures from Internaxx, which was acquired last year and is pending regulatory approval.
Two major factors that led to the solid performance in 2018 is because of massive volatility across financial markets that helped in increased trading activity. And, another important factor was its insulation from the impact of new ESMA regulations. The group’s Swiss banking license allows it to higher leverage compared to other EU counterparts.
In 2018, a huge decline in the global stock market that led to fewer options with investors to hedge their losses, a sharp decline in commodity prices and lacklustre bond markets made the market extremely volatile with little help from risk-parity strategies.
The successful introduction of crypto trading also helped the company to boost its bottom line. Swissquote is also the first European online bank to offer crypto service and allowing to trade in cryptocurrencies on its platform for the past one-and-half years.
The full result is slated to be published on March 8th, and the company also expects that the pending regulatory approval for its Internaxx transaction will be issued by the first quarter of 2019. The year ahead also warrants solid results for the Swiss broking company due to market uncertainty and huge volatility.
Cryptocurrency Exchange IronX, a joint venture between retail FX and CFD firm IronFX and EmurgoHK company, developers of Cardano (ADA), have appointed Stephen Hammond, MP, and Member of the UK Treasury Select Committee, as an advisor on Government Relations.
The London-based leading international online 
Seven companies operating within the UK crypto trading market, including trading platforms, exchanges, comparison sites, intermediaries, merchants and asset managers, have founded a self-regulatory trade body – CryptoUK – to improve industry standards and engage policymakers on the future of the sector.
The seven founding members are 
“This is a severely misunderstood sector that has great potential to improve our society. But we are hearing instances of rogue operators and consumer harm. That’s why CryptoUK has been established: to promote best practice and to work with government and regulators to ensure that the UK benefits from the exciting potential of this international technology. The Code of Conduct is at the heart of everything we do. It is not finished. It will be improved and refined, in collaboration with industry, policy makers and others. We hope it can form the blueprint for what a future regulatory framework will look like”, Gandham added.
The Association does not represent Initial Coin Offerings (ICOs) with CryptoUK committing to developing a specific Code of Conduct for the process.
The Code will evolve and be updated following collaboration with industry, policy-makers and wider opinion formers over the coming months.
Electronic trading solutions and algorithmic technology provider Horizon Software announced that is now supporting the cryptocurrency market by offering the option of trading Bitcoin as well as other cryptocurrencies, such as Ether, Ripple and Litecoin, through the company’s platform.
