Sucden Financial reports lower revenues for FY 2020

abdelaziz Fathi

FX broker and liquidity provider Sucden Financial has reported its financials for the fiscal year ending December 30, 2020. The UK-listed group failed to match the last year’s performance metrics, having suffered from lower revenues and increased expenses for FY 2020.

Over the previous fiscal year, Sucden Financial saw its operating revenue decreasing to £53.9 million, down from £59 million a year ago, or 9 percent lower year-over-year.

In terms of its operational expenses, the figure rose to £52 million in FY 2020, up 13 percent compared to £46 million in 2019.

Sucden Financial reported an operating loss of £2.45 million, compared to a profit of £8.1 million in the previous year. However, other bottom line metrics show that the company managed to turn profit before taxation at £1.56 million, but the figure is way below the £19.7 million it earned in 2019.

Established in 1973, Sucden Financial is a derivatives broker operating in a broad range of markets, including exchange and OTC traded financial and commodity futures and options, equities, and foreign exchange. Sucden Financial is part of Sucres & Denrées, which has a presence in over 30 locations worldwide.

The liquidity provider has recently inked several partnership deals to widen the reach of its services. The company is now part of the growing list of LPs that are searchable and contactable on Liquidity Finder, which allows professional investors or trading businesses to make side-by-side comparisons when selecting their liquidity partners.

Sucden Financial has also partnered with Refinitiv to distribute market insights and premium in-depth investment research via their Eikon platform.

Recently, the company announced multiple new hires in a bid to help expand its client base.

Mike Wilkins, who served as head of FX for Europe, Africa, the Middle East and Asia at StoneX, joined the company as global head of FX sales. Alongside other notable hires, including Toby Warner, Ian Steadman and Steven Robinson, the team will further promote the firm’s range of FX services. Sucden’s catalogue for foreign exchange industry includes spot, forwards, swaps, OTC options, NDOs, NDFs, deliverable FX as well as third-party credit intermediation, direct ECN access, FX clearing and liquidity.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<