CME’s NEX Group Reports Losses of $1.9 million for 2020
NEX Group (NEX), a wholly-owned subsidiary of CME Group (CME), has made public that its annual financials for 2020, ending on December 31, 2020, assumed a severe loss of $1.9 million in the year.
Even if NEX generated significantly higher income, vast administrative costs have sunk it into losses. The company expended $3.1 million on its administrative costs in 2020, compared to only $99,000 in the previous year.
Besides, the firm’s net assets dropped from $92.66 million in 2019 to $90.7 million in 2020. It also holds a debt of 15 million euros relating to ten-year senior loan notes, which are repayable in 2023.
The directors of NEX, however, are considering the results “satisfactory”. Also, the firm stressed that most of its customers are in the United Kingdom and the United States, so it had barely any impact on its business from Brexit.
NEX, formerly known as ICAP PLC, is a UK-based business focusing on electronic financial markets and post trade business for other financial institutions. The company was listed on the London Stock Exchange until it was acquired by CME in November 2018 for approximately $5.1 billion.
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