UK forex broker GMO-Z.com Trade UK, doing business as Z.Com Trade and part of Japan’s GMO Click group, closed fiscal year (FY) 2016, ended 31 March, 2016, with a loss of nearly £2.4 million, compared to a loss of £910,780 a year earlier, according to a filing published during the weekend on the website of UK’s trade register Companies House.
The worsened financial performance is due to very high administrative expenses and the lower turnover. Although Z.Com Trade was set up in October 2012, it launched full service in March 2015. Due to this, its loss was high, but this was expected, the broker noted in the filing.
The broker generate a turnover of just £68,712 in FY 2016, or down by 8.1% on the year.
The broker’s net assets stood at close to £4.9 million at the end of March, posting a drop from £7.2 million a year earlier.
Z.Com Trade offers margined trading in forex, contracts for difference (CFDs) and financial spread betting on currencies, commodities and indices. It received license from the UK Financial Conduct Authority (FCA) in September 2014. Initially, the broker launched a proprietary platform through LMAX Exchange and soon after that it started accepting trades as counterparty to GMO Click Bullion HK, another unit of the GMO Click group. In March 2015, however, it had full service launch.
Z.com is the global brand of holding company GMO CLICK Holdings. The Japanese forex giant was set up in 2012 and consists of the companies GMO Click Securities (Tokyo), FX Prime by GMO (Tokyo), GMO-Z.com Forex HK (Hong Kong), GMO-Z.com Bullion HK (Hong Kong), and GMO-Z.com Trade UK (London).