FastMatch contributes €5.2m to Euronext’s revenues in Q1 2018

Maria Nikolova

Spot FX trading generated €5.2 million of revenue in the first quarter of 2018, according to Euronext’s report.

Less than a year after Euronext NV (EPA:ENX) completed the acquisition of FastMatch, the electronic communication network for Forex trading continues to contribute to revenues. This is indicated by Euronext’s results for the first quarter of 2018 reported earlier today.

The average daily volume on the FastMatch spot foreign exchange market was $20.2 billion in the first three months of 2018, up 14.3% compared to the equivalent period in 2017. Spot FX trading generated €5.2 million of revenue in the first quarter of 2018, the report shows.

As a consequence, Euronext consolidated revenue increased by +15.9% in Q1 2018, to €146.7 million, mainly driven by volume growth, the positive impact of Agility for Growth initiatives (€4.2 million), and the acquisition of FastMatch in August 2017, which diversified Euronext’s top line with spot FX trading revenue (€5.2 million).

FXCM Group disposed of its stake in FastMatch in May 2017, as it was under pressure to gather funds to repay its loan to Leucadia. As per the press release published back in May 2017, FXCM Group was set to receive approximately $55.6 million for its interest in FastMatch, with a portion held in escrow and subject to certain future adjustments including a share of a $10 million earnout if certain performance targets of FastMatch are met. FXCM had been looking to sell its stake in FastMatch since early 2015. Following the February 2017 events which hit the reputation of FXCM, FastMatch reshuffled its board of directors and reiterated its independence from the broker.

In May 2017, Euronext announced the acquisition of 90% of the shares of FastMatch, a spot FX ECN, to expand into global FX markets.

Previous reports by Euronext have also indicated FastMatch’s solid performance. According to the data for 2017, the average daily volume on the FastMatch spot foreign exchange market (of which Euronext owns 90% of the capital since August 2017) was $18.4 billion in 2017, up +44.7% compared to 2016. Spot FX trading generated €7.2 million of revenue in 2017, for 4.6 months of consolidation after the acquisition of FastMatch in mid-August 2017.

Read this next

Retail FX

Prop firm The Funded Trader to clear withdrawals ahead of relaunch

Prop trading firm The Funded Trader has announced a series of measures to address recent operational challenges and resume its services. The company detailed these plans in a series of tweets on X, outlining changes and updates “aimed at stabilizing and improving operations.”


Multipool Sells Out Fjord Foundry LBP

With the close of the LBP, Multipool launched their native token, $MUL, on Uniswap V3 today with a market cap of $13M.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: FED, ECB, Global Inflation, May 27 ,2024

Central banks walk a tightrope: Fed stays hawkish on inflation, ECB eyes rate cuts but waits on data. This could cause currency swings and impact global economic growth.

Metaverse Gaming NFT

Despite $1 billion lawsuit, Cristiano Ronaldo launches new Binance NFTs

Cristiano Ronaldo has unveiled his fourth non-fungible token (NFT) collection in collaboration with Binance. The new collection is set to debut on the Binance NFT Marketplace this week, featuring highlights from Ronaldo’s football career.

Market News, Tech and Fundamental, Technical Analysis

GBPJPY Technical Analysis Report 27 May, 2024

GBPJPY currency pair can be expected to rise further toward the next resistance level 202.00, which is the target price for the completion of the active impulse wave 3

Digital Assets

Celebrity X accounts hacked to promote meme tokens

Several celebrity and influencer X accounts on social media platforms have been hacked, with the attackers promoting various cryptocurrencies and meme tokens.

Digital Assets

Silk Road founder to walk free if Trump re-elected

Donald J. Trump has vowed to commute the life sentence of Silk Road founder Ross Ulbricht to time served if he is re-elected as president.

Industry News

UF AWARDS Global 2024: Nominations Closing Soon!

There is still time to nominate your brand at this year’s prestigious UF AWARDS Global 2024.

Digital Assets, Uncategorized

SSV.Network to reduce hardware requirements by up to 90%

With projections indicating a milestone of 50,000 validators within the next year, the platform’s scaling roadmap represents a crucial step toward achieving this vision.