Compagnie Financière Tradition (SWX: CFT) generated revenue of CHF 646.2 million in the first half of 2026, up 10.4% at constant exchange rates, according to its latest trading update. The increase narrowed to 2.2% when translated into Swiss francs.

The result extended the growth reported in the first quarter of 2026, when revenue reached CHF 339.7 million. However, growth slowed during the following three months as the company faced a higher comparison base.

Tradition said the appreciation of the Swiss franc against most major currencies, particularly the US dollar and Japanese yen, reduced its reported revenue. The company operates in more than 30 countries, with much of its business generated outside Switzerland.

Second-Quarter Growth Slows to 3.6%

Revenue for the second quarter came in at CHF 306.5 million, down 1.1% from CHF 310.1 million a year earlier at current exchange rates. At constant rates, the figure increased 3.6%.

The quarterly performance followed a 17.4% constant-currency increase during the first quarter. Tradition said the comparison was affected by elevated activity in April 2025, when volatility rose after the United States announced new tariffs.

The company also cited geopolitical tensions, particularly in the Middle East, as a factor behind higher market activity earlier this year. Tradition did not provide a revenue forecast but said trading activity in July continued at the pace recorded during the first half.

Currency Movements Widen the Reporting Gap

Under IFRS, which excludes the proportionate contribution from joint ventures, first-half revenue rose to CHF 597.8 million from CHF 580.1 million. This produced growth of 3.1% at current exchange rates and 11% at constant rates.

The same currency effect was visible during the second quarter. Reported IFRS revenue declined 0.6% to CHF 283.6 million, although it increased 3.8% when exchange rates were held constant.

The Swiss franc also limited Tradition’s reported growth in 2025. The company previously said the currency’s appreciation against the US dollar and yen had reduced the value of overseas revenue when converted into its reporting currency.

Interdealer Broking Generates CHF 623 Million

Tradition’s interdealer broking business generated CHF 623.3 million during the first six months of 2026. Revenue increased 10.4% at constant exchange rates and 2.6% in reported Swiss franc terms.

The division contributed CHF 295.7 million in the second quarter, compared with CHF 298.1 million a year earlier. This was a decline of 0.8% at current exchange rates but an increase of 3.6% at constant rates.

The retail investor business, which includes the company’s Japanese operations, generated CHF 22.9 million in the first half. Revenue fell 6.7% in reported terms but rose 8.9% after adjusting for currency movements.

Second-quarter retail revenue was CHF 10.8 million, down from CHF 12 million a year earlier. On a constant-currency basis, the segment recorded growth of 3.6%.

Market Volatility Supports Interdealer Brokers

Tradition’s results follow similar growth among other interdealer brokers during periods of higher trading activity. TP ICAP reported a 13% constant-currency increase in first-quarter revenue, with its global broking and energy and commodities divisions recording double-digit growth.

BGC Group also reported higher activity across its brokerage operations. Its full-year 2025 revenue increased 30% to $2.94 billion, supported partly by the acquisition of OTC Global Holdings, according to results published in February.

Tradition ended 2025 with revenue of CHF 1.2 billion, up 11.4% at constant exchange rates. Its profit before tax increased 25.3% to CHF 183.1 million, while net profit attributable to shareholders reached CHF 134.2 million.

This article was written by Damian Chmiel at www.financemagnates.com.BrokersRead More

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