Hong Kong-based FX broker KVB Kunlun published its full interim report detailing its performance in the first half of 2014. The company said that low volatility in the markets reduced its client deposits, which fell from US$15 million net to slightly above US$8 million this year.
The company’s total income fell about 40.3 percent to around HK$57 million in the six months through June 30, 2014, compared to about HK$95.6 million in the six months through June 30, 2013. Its leveraged FX and other income from its trading activities plunged nearly 39.2 percent to around HK$42.7 million in the first half of 2014, from nearly HK$70.3 million in H1 2013. The company attributed the decline to low market volatility in the first half of the year, compared with a similar period in 2013.
The company revealed that it had created a “CHINA300 Index†contract for difference (CFD) that is targeted at clients who wish to invest in China’s stock market. The company also launched a copper contract for difference, in line with trends in the wider markets, where most investors are shifting to commodities in order to hedge their wealth.
Meanwhile, ATC Brokers Ltd has officially launched a brokerage that will cater for FX clients globally out of its London headquarters. The brokerage is registered with and regulated by the Financial Conduct Authority (FCA).
ATC Brokers initially began its operations in 2005 in the U.S. as an introducing broker. Its new UK operation will initially start by offering FX trading through the MetaTrader 4 platform, and also release new trading software known as FX Speed for automated trading strategies as well as custom indicators. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
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