EXNESS has today called on the retail Forex industry to become more transparent regarding broker funds and trading volumes, so that traders can assess the financial strength of brokers and their ability to withstand market shocks.
George Tsaparillas, Director of Global Strategy and Business Development of EXNESS, comments: “This year has already been a testing time for retail Forex brokers, with many suffering losses on the back of January’s volatility in the Swiss Franc. At present, the industry is far too opaque, with traders often having no visibility of the financial performance of their broker. We believe traders deserve more transparency and that is why we are today releasing audited figures for our funds and trading volumes.”
EXNESS has today released its trading volumes, client withdrawals and agents’ commissions for the period 1 October to 31 December 2014, in addition to figures for EXNESS’ own funds on 20 January 2015. All figures are audited by Deloitte, one of the world’s leading auditing firms.
EXNESS’ trading volumes for the period were US$536 billion, with average monthly trading volumes of US$178 billion, 7% higher than the average trading volumes for the previous months in 2014.
Total client withdrawals during the period October to December 2015 were US$42 million, averaging US$14 million being withdrawn by EXNESS clients each month. Commissions paid to clients for introducing new traders to EXNESS totalled US$6.8 million over the three month period.
On 20 January 2015, EXNESS’ total funds stood at US$66 million, of which US$51 million was EXNESS’ own funds. These figures were audited after compensation was paid to clients for negative client account balances as a result of the fall in the Swiss Franc earlier in January.
George Tsaparillas comments: “With the release of these audited figures, EXNESS is one of the most transparent retail Forex brokers in the industry. Our trading volumes remained high in the final quarter of last year and, with a substantial level of own funds relative to our trading volumes, traders have a visible measure of the financial strength of the company.”Publication source