Japanese retail FX giant MONEX Group released its monthly financial figures, which showed that the net operating revenues, which are adjusted for financial expenses, stood at 3.48 billion yen (US $33.5 million) in July, a drop of 1.4 percent from June’s revenue of 3.53 billion yen.
While the difference is small, it is significant because MONEX seemed to turn around its ailing fortunes in June with an impressive revenue growth, a fact that is now not yet assured.
Financial expenses in July 2014 stood at 448 million yen, up 32 percent from the costs borne in July 2013. However, the costs dropped by 0.44 percent from June 2014, where they totaled 450 million yen. The small drop is still wanting as the company has been on a cost-cutting program since October 2013, which was prompted by a poor trading performance in the second quarter of that year.
The company has been introducing various platforms in a bid to attract and retain its appeal, with one such platform being Tradable. It also rolled out the TradeStation platform to its Japanese clients. However, the efforts are yet to boost operating metrics as evidenced by July’s report that is published on the company’s website. FX trading volumes fell 47 percent in the year through July 2014. The volumes also fell 7.9 percent from June 2014.
Meanwhile, MONEX Group’s mergers and acquisition advisory unit MONEX Hambrecht Inc. has appointed Yuko Seimei, currently MONEX Group Executive Director, as the Chairman, Representative Director. Junya Matsuoka, who is the Deputy President, Executive Director, will become the Representative Director. Further details can be found on the company’s website. 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 email@example.com