ITI Capital reports stronger revenues and mitigated loss ‎for 2020‎

abdelaziz Fathi

ITI Capital Limited has released its annual report and year-end financial statements for the twelve-month period ending December 31, 2020. The latest results on UK Companies House showed a healthy uptick in turnover in conjunction with a mitigated financial loss for the reported fiscal period.

For 2020, ITI Capital posted a total of £5.8 million worth of revenues, which represents a growth of 56 percent year-over-year. That compares to only £3.46 million the company reported in 2019.

Operating losses were also pointed lower during the FY 2020, albeit still in the red. Looking at the group’s final numbers for the financial year, which factored out interest receivable and other income, ITI Capital reported ‎losses of £2.11 million‎, rescinding by 30 percent year-over-year from £2.9 million a year earlier.

Other business highlights show that ITI Capital acknowledges that the brokerage market continues to be highly competitive. As a result, the revenue margins and fees have remained under pressure.

Indeed, the retail FX market in Europe is becoming relatively challenging for the brokers, which is why many brokers are looking into new opportunities in the wholesale liquidity and clearing market.

In order to differentiate themselves, many brokerage firms are reducing their average commissions charged. While ITI Capital has seen an overall increase in clients’ trading activity, average revenue per trade has declined, the company says.

Elsewhere, ITI Capital attributes the rise in its administrative expenses to acquiring the client book of SVS Securities. The vast majority of the collapsed broker’s investors have become clients of ITI since June 2020, and they were provided with access to their money and assets again. ITI Capital tried to lure the newcomers into staying, saying that they now have a wider selection of asset classes to choose from, including FX trading, and pricing will remain competitive to what was previously paid at SVS.

The broker’s statement further reads:

“The continues to provide comprehensive dealing and brokerage services to for both retail and institutional clients across the world. 2020 was a difficult year for the business with it managing both a significant acquisition and dealing at the same time with keeping its existing business operations going throughout the onset and development of the Covid pandemic. The board remains optimistic that despite a loss incurred during 2020, the investment that has now been made in improving the business operating infrastructure combined with the recruitment of key new personal, that these initiatives will set the foundations of a more profitable and dynamic business in the future.”

Read this next

Retail FX

Webull Australia offers 5.4% yield on uninvested cash

“US dollar money market funds are heavily regulated, meaning client funds are managed in a safe, reliable and trusted environment, which is of critical importance to us, and continues to remain top-of-mind for our clients.”

Digital Assets

Bybit welcomes Ethena’s USDe, a decentralized stablecoin utilizing delta-hedging staked Ether

“Our collaboration with Ethena Labs represents our commitment to solving some of the biggest challenges in crypto today, not least, the creation of a decentralized stablecoin. The integration of USDe on Bybit expands our stablecoin offerings, providing our users with an array of uncorrelated solutions accessible from our Unified Trading Account.”

Market News

Unravelling the Yen Surge and BoJ Policy Speculations Impacting USD/JPY

The recent downturn in the USD/JPY pair due to the yen’s strength, driven by speculation about the Bank of Japan’s potential tightening of monetary policy.

Digital Assets

Himalaya Exchange customers seek release of frozen funds from DOJ

FormerFeds, a corporate defense and litigation service provider, has filed a lawsuit against the U.S. Department of Justice (DOJ) on behalf of over three and a half thousand Himalaya Exchange customers.

Digital Assets

Nubank, Circle, and Talos join forces for crypto adoption in Brazil

Nubank, the Brazilian neobank backed by Warren Buffett’s Berkshire Hathaway and Softbank Group Corp, announced new partnerships with cryptocurrency firms Circle and Talos.

Metaverse Gaming NFT

Flare onboards Ankr, Figment, Restake, and NorthStake as validators

Flare, an EVM smart contract platform known for its focus on blockchain data utility, has announced a major step in its development. The platform has onboarded leading infrastructure providers, including Ankr, Figment, Restake, and NorthStake.

Digital Assets

Sui Joins DeFi Leaders, Topping $100M in Bridged USDC

Sui, the groundbreaking Layer 1 blockchain created by the technology experts who led Meta’s Diem blockchain initiative and created the Move smart contract language, continues its explosive ascent in decentralized finance (DeFi). This week, it surpassed $100 million in bridged USDC. 

Digital Assets

Poloniex hit by UK regulator, listed as ‘unauthorised’ exchange

The UK’s Financial Conduct Authority (FCA) has added the cryptocurrency exchange Poloniex to its warning list of non-authorized companies. Poloniex, which is based in Seychelles, has experienced four hacks in the last two months and is affiliated with entrepreneur Justin Sun.

Industry News

Exclusive Markets is Proudly ISO/IEC 27001:2013 Certified by MSECB for Unparalleled Commitment to Information Security

Exclusive Markets, a leading name in the FINTECH sector, proudly announces the attainment of ISO/IEC 27001:2013 Certification by the MSECB. This esteemed certification highlights Exclusive Markets’ persistent commitment to fortifying information security within its cutting-edge trading technology.