Euronext’s FastMatch adds €5.2 million to group revenues

Euronext finalised its acquisition of the spot FX market network firm FastMatch in August last year.  

Euronext’s FastMatch business has contributed €5.2 million to the exchange group’s Q1 2018 revenues, less than a year after it acquired the spot FX market firm for €153 million.

The pan-European exchange operator saw a 16% increase in overall revenues for the first three months of the year to €146.7 million, compared to €126.6 million in the same period last year.

Cash trading sales were up almost 20% to €55.7 million, while the exchange’s market data and indices business posted a 15% increase in revenues for the first quarter to €29.7 million.

“The first quarter of 2018 marked a strong start to the year, with very high revenue capture from trading activities in a volatile environment and good performance from our market data and indices businesses,” said CEO at Euronext, Stéphane Boujnah.

Euronext added that it is seeing a “growing contribution” to revenues from sources such as FastMatch and its Agility for Growth strategy, which added €5.2 million and €4.2 million to the first quarter revenues respectively.

Euronext finalised its acquisition of the electronic communications network firm in the spot FX market in August last year, as it sought to expand into global FX markets.

Speaking to The TRADE earlier this year, Boujnah said that Euronext has been actively cross-selling FastMatch services into European markets with an increasing part of the business being rolled out to major European bank centres.

FastMatch was established in 2012 by Credit Suisse and FXCM and provides access to large pools of spot FX liquidity to banks, non-bank market makers, broker-dealers, asset managers and hedge funds.