FX hedges help boost NEX Q1 revenue by 7%

Financial technology company NEX on Wednesday said group revenue for the first quarter to 30 June 2018 increased by 7% on a constant currency basis and 3% on a reported basis benefiting from divisional performance and foreign exchange hedges.

Speaking ahead of the company's annual general meeting, chief executive Michael Spencer said NEX had seen a “solid start to the year with episodic volatility driving volumes across the EBS and BrokerTec platforms and increased demand for our products and services from TriOptima and Reset”.

“As previously outlined, the transaction with CME remains on track to complete in the second half of the current calendar year."

NEX Markets revenue increased by 2% on a constant currency basis and fell 2% on a reported basis as the phasing of the CFETS revenue recognition held back revenue growth.

NEX Optimisation's revenue was up 7% on a constant currency basis and 4% on a reported basis during the first quarter compared to the same period last year.