Interdealer broker Compagnie Financière Tradition today provided an update regarding its performance in the third quarter of 2020, noting that activity decreased in the period.

In the third quarter of 2020, Compagnie Financière Tradition’s activity decreased with reported consolidated revenue of CHF 185.7 million compared with CHF 230.8 million in 2019, representing a decrease of 14.4% at constant exchange rates. Let’s note that, in the second quarter of 2020, consolidated revenue was CHF 235.5 million.

For the third quarter of 2020, the Group’s consolidated adjusted revenue was CHF 202.4 million, compared with CHF 253.9 million in the equivalent period in 2019, down 15.2% at constant exchange rates with IDB down 15.0% and Non-IDB down 20.5% respectively.

During the first nine months of the year, reported consolidated revenue of Compagnie Financière Tradition increased by 4.2% at constant exchange rates. At current exchange rates, consolidated revenue was CHF 698.5 million compared with CHF 705.1 million in the same period in 2019, representing a slight decrease of 0.9%. The Group’s consolidated adjusted revenue was CHF 760.4 million against CHF 774.4 million in 2019. It was up 3.2% at constant exchange rates which is the result of an increase of 3.5% in interdealer broking business (IDB) and a decrease of 2.8% in the forex trading business for retail investors in Japan (Non-IDB).

After reaching its second highest level of activity ever at constant exchange rates in March, a slowdown in activity volumes on the OTC markets was observed during the summer, especially in August.

Against this backdrop, Compagnie Financière Tradition has further increased its focus on cost management, notably by initiating a specific cost-cutting plan in line with recent business trends while at the same time pursuing its strategy of targeted growth adapted to its business environment.