Euronext saw an 11.7% year-on-year decline in its revenue from foreign exchange trading during the first quarter of 2023, the European stock exchange group revealed Tuesday in its latest financial performance report. The figure came in at 6.3 million euros over the period.
Moreover, compared to the last quarter of 2022, forex revenue also decreased by 6% from 6.7 million euros. The decline comes as Euronext FX, the group’s electronic communications network for foreign exchange trading, reported a 13% drop in spot forex trading volume. Total volume fell to $1.4 trillion with average daily volume down 14.4% to $21 billion.
In addition, Euronext in asset classes recorded a significant decline in most sectors, which contributed to a decline in trading revenues of 14.5%, which fell to 128.9 million euros compared to the same period last year.
In detail, the exchange operator saw a decrease in its cash revenues (23.7%) and derivatives trading (7.5%). On the contrary, fixed income and energy trading revenue increased by 7% and 8.4%, respectively.
Overall, Euronext reported consolidated revenue and revenue of €372.3m during the first quarter of 2023. This figure represents a decrease of 5.9% from the €395.7m recorded during the first quarter of 2022.
To illustrate the performance, Euronext said consolidated revenue declined “primarily due to the strong comparative base of equity-linked trading and the effects of changing foreign exchange rates.” It added that this decline was partly offset by the strong performance of non-volume activities and the better performance of fixed income and energy trading activities.
“Non-volume revenue accounted for 58% of core group revenue in the first quarter of 2023, compared to 55% in the first quarter of 2022, reflecting successful diversification towards non-volume activities and strong trading activity in the first quarter of 2022. Because of volatility spikes,” Euronext explained.
Speaking about the performance, Stephane Boujneh, CEO of Euronext, noted that the company has experienced strong organic growth through its data and technology activities. He added that the company saw “record profits” in its fixed income and energy trading business.
“We continued to operate in accordance with our cost discipline, in line with our 2023 cost guidance,” said Boujna, who also serves as Chairman of the Euronext Board of Directors. Overall, this translated into the second-highest adjusted net income of all time, at €147.1 million.
Futu exits app stores in China; Beeks’ new contract; Read snippets of today’s news.
Euronext saw an 11.7% year-on-year decline in its revenue from foreign exchange trading during the first quarter of 2023, the European stock exchange group revealed Tuesday in its latest financial performance report. The figure came in at 6.3 million euros over the period.
Moreover, compared to the last quarter of 2022, forex revenue also decreased by 6% from 6.7 million euros. The decline comes as Euronext FX, the group’s electronic communications network for foreign exchange trading, reported a 13% drop in spot forex trading volume. Total volume fell to $1.4 trillion with average daily volume down 14.4% to $21 billion.
In addition, Euronext in asset classes recorded a significant decline in most sectors, which contributed to a decline in trading revenues of 14.5%, which fell to 128.9 million euros compared to the same period last year.
In detail, the exchange operator saw a decrease in its cash revenues (23.7%) and derivatives trading (7.5%). On the contrary, fixed income and energy trading revenue increased by 7% and 8.4%, respectively.
Overall, Euronext reported consolidated revenue and revenue of €372.3m during the first quarter of 2023. This figure represents a decrease of 5.9% from the €395.7m recorded during the first quarter of 2022.
To illustrate the performance, Euronext said consolidated revenue declined “primarily due to the strong comparative base of equity-linked trading and the effects of changing foreign exchange rates.” It added that this decline was partly offset by the strong performance of non-volume activities and the better performance of fixed income and energy trading activities.
“Non-volume revenue accounted for 58% of core group revenue in the first quarter of 2023, compared to 55% in the first quarter of 2022, reflecting successful diversification towards non-volume activities and strong trading activity in the first quarter of 2022. Because of volatility spikes,” Euronext explained.
Speaking about the performance, Stephane Boujneh, CEO of Euronext, noted that the company has experienced strong organic growth through its data and technology activities. He added that the company saw “record profits” in its fixed income and energy trading business.
“We continued to operate in accordance with our cost discipline, in line with our 2023 cost guidance,” said Boujna, who also serves as Chairman of the Euronext Board of Directors. Overall, this translated into the second-highest adjusted net income of all time, at €147.1 million.
Futu exits app stores in China; Beeks’ new contract; Read snippets of today’s news.
