{"id":23604,"date":"2022-07-22T07:34:09","date_gmt":"2022-07-22T07:34:09","guid":{"rendered":"http:\/\/egrowonline.com\/?p=23604"},"modified":"2022-07-22T07:34:09","modified_gmt":"2022-07-22T07:34:09","slug":"flow-traders-sees-growing-operating-expenses-bets-on-crypto","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=23604","title":{"rendered":"Flow Traders sees growing operating expenses, bets on crypto"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">July 22 (Reuters) &#8211; Dutch trading services provider Flow Traders <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/FLOW.AS\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">(FLOW.AS)<\/a>reported a sharp drop in quarterly earnings on Friday and said it expected fixed operating expenses to grow by around 25% this year while it expands its expertise in crypto markets.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The group posted second-quarter normalised earnings before interest, taxes, depreciation and amortisation (EBITDA) of 36.5 million euros ($37.19 million), down 51% from the previous quarter, and also announced a new share buyback programme of up to 25 million euros ($25.47 million) over 12 months.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Its shares tumbled over 12% after the announcement.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Flow Traders, which listed on Euronext Amsterdam in 2015, said guidance had been adjusted as its total compensation mix shifts due to higher base salariesfor certain employee groups and the stronger U.S. dollar.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Best known for market making in exchange-traded products (ETPs), the company is seeking to build up a presence in crypto and digital assets, in addition to fixed income markets and single bond market making.<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;We remain active in enhancing our coverage of fixed income, commodity, and FX (foreign exchange) markets,&#8221; Chief Trading Officer Folkert Joling said in an earnings statement.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The firm, which competes with privately-held Optiver and larger players such as U.S. group Virtu Financial <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/VIRT.O\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">(VIRT.O)<\/a>, said it had continued to provide liquidity in Europe, Middle East and Africa across the crypto markets.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;The recent volatility in the crypto markets has not altered our conviction around the long-term potential of crypto and decentralised finance,&#8221; Joling added.<\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The overall crypto market has slumped to around $900 billion, down from a record $3 trillion in November, with losses mounting after U.S. crypto lender Celsius Network in June froze the accounts of its 1.7 million customers. <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/technology\/financial-watchdogs-should-do-more-protect-crypto-traders-top-swiss-regulator-2022-06-22\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">($1 = 0.9815 euros)<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by Juliette Portala and Lina Golovnya, editing by Izabela Niemec, Clarence Fernandez and Kim Coghill<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.reuters.com\/markets\/europe\/flow-traders-sees-25-growth-fixed-operating-expenses-this-year-2022-07-22\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>July 22 (Reuters) &#8211; Dutch trading services provider Flow Traders (FLOW.AS)reported a sharp drop in quarterly earnings on Friday and said it expected fixed operating expenses to grow by around 25% this year while it expands its expertise in crypto markets. The group posted second-quarter normalised earnings before interest, taxes, depreciation and amortisation (EBITDA) of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[198,62,9944,4431,275,7912,1709,180],"class_list":["post-23604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-bets","tag-crypto","tag-expenses","tag-flow","tag-growing","tag-operating","tag-sees","tag-traders"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/reuters-default.png","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/23604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23604"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/23604\/revisions"}],"predecessor-version":[{"id":23606,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/23604\/revisions\/23606"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/23605"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23604"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}