Forex Revenue Boost for FOREX.com and City Index
Brokerage conglomerate StoneX reported a significant 34% year-on-year increase in FX/CFDs revenue for the final quarter of 2024, reaching $89.0 million. This surge is attributed to strong performances from its retail trading brands, City Index and FOREX.com.
Key Highlights:
- Revenue Surge: Retail FX and CFD trading revenue rose to $89.0 million, a 34% increase from $66.6 million in Q4 2023.
- Overall Financial Growth: StoneX's total revenues increased by 44% to $27.1 billion, with net income up 23% to $85.1 million.
- Strong Trading Volumes: The average daily volume in retail FX/CFDs hit $7.6 billion.
- Increased Revenue per Million: Revenue per million was up by 23%, reaching $185.
Possible Factors Driving Growth
While StoneX did not specify the reasons for the revenue increase, analysts suggest a potential driver could be heightened market volatility, particularly in crypto instruments, following certain political events.