FXCM UK Arm Posts $2.24M Loss for 2025 Ahead of Trade Nation Sale

Stratos Markets Limited, the entity operating FXCM's UK business, reported a loss of $2.24 million for 2025, according to accounts filed at Companies House. The loss widened from $2.02 million a year earlier as administrative expenses rose 28.6% to $12.03 million.

The accounts cover the period during which Trade Nation agreed on October 6 to acquire the UK client book, with the transfer due to complete in late November. Client money held by the firm increased 24.3% to $110.34 million at the end of 2025, up from $88.77 million a year earlier.

Commission income, generated by hedging all client trades with Stratos Group affiliates, climbed 73.1% to $10.82 million from $6.25 million. Retail trading volume rose 40% to $340 billion from $243 billion.

Reported turnover was $4.82 million after a $6 million transfer pricing adjustment that allocates expenses of Stratos Global LLC to the firm. A $6.15 million charge in 2024 had left turnover at $103,606.

Interest income on cash balances fell 39.6% to $2.98 million. The directors attributed the losses in both years mainly to lower trading activity in 2024 and to Stratos Group's spending on product and technology development.

Staff costs rose 92.5% to $5.50 million from $2.86 million, with wages and salaries up to $4.09 million from $1.52 million. Average headcount increased to 48 from 43, of which 29 worked in management and administration. Legal, management and professional fees reached $3.57 million, and directors' pay totaled $1.58 million.

Amounts owed to the UK firm by group companies rose to $45.04 million from $17.12 million. The filing states these cover intra-group recharges, profit sharing and trading margin, and are repayable on demand. The firm's own cash fell to $18.73 million from $48.44 million, while total cash, including segregated client money, slipped 5.9% to $129.07 million from $137.20 million.

Regulatory own funds stood at $58.78 million against a requirement of $5.89 million under the Financial Conduct Authority prudential regime, about 10 times the minimum. No dividend was paid. The going concern assessment relies in part on a written letter of support from Jefferies covering at least 12 months from April 24, when the board approved the accounts.

The 2025 result marks the third consecutive annual loss for the firm, which lost more than $2.5 million in 2023 after a profit of $860,500 in 2022.