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Monex Group reveals weak results for July

Aug 27 2014
By
Monex, one of the largest Japanese forex broker, reports that its operating revenues for July are down with 1.4% compared to June and with 13.2% on an early basis.
 
Monex group is experiencing difficulties this year. The Q1 operational metrics were a grim read with 33% decrease of trading volume compared to Q1 2013 and with the global daily average revenue trades (DARTs) dropping by 15% YoY.
 
Company states it is addressing the situation with efforts to optimize its performance by lowering the expenses. It doesn't happen so far and the expenses are higher that those of 2013 exceeding the JPY 400 million ($3.85 milluion) mark per month at average this fiscal year.
 
At least, in April the company was the first forex broker in Japan to announce that it will offer Tradable, a fully customizable trading platform, to its clients. Along with forex trading functionality Tradable brings a lot of fun to people that like to tweak their software. The introduction of the platform is scheduled for August and is highly anticipated.
 
The revenue for July is $37.80 million which is negligibly higher than that of May and 1.4% lower than June's revenue. Other important metrics for July are:
 

- An average of 294,062 Daily Average Revenue Trades (DARTs) per day in July 2014, 4% lower than June 2014 and 25% lower than July 2013. 

- 904 thousand customer accounts, 3.7% higher than prior year and 0.3% higher than prior month.

- Monthly trading value $29 billion, 8% lower that previous month and 41% lower than previous year.

 
More customers, less business – this is the reality many forex brokers face.
 
Low volatility and competition is hitting Monex big time. The good news for Monex shareholders is that almost all other forex brokers are experiencing difficulties. There is nothing to point that the Japanese broker is badly managed. 
 

About Monex Group Inc. 

Monex Group Inc is an online securities brokerage providing advanced financial services to individuals and investors. The company is considered a pioneer among Japanese online securities brokers, and its services cover M&A advisory, debt & equity underwriting, asset management focusing on alternative investments, investment education, and other investment banking functions. Monex Group has offices throughout Asia, and the recent acquirement of brokers TradeStation and IBFX opened its way to the US market as well.
 
TAGS: Monex  operating metrics  July 2014   

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