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Tradition takes 10% stake in IFX

11 February 2004  |  3434 views  |  0 Tradition takes 10% stake in IFX

Swiss broker Compagnie Financière Tradition has taken a 10% stake in IFX Group, a UK company listed on the London Stock Exchange which provides online trading platforms for spread-betting, foreign exchange, and commodities.

Patrick Combes, chairman of Compagnie Financière Tradition says the investment reflects the firm's overall interest in electronic intermediation and transaction businesses.

IFX reported widening pre-tax losses of £1.2 million for the six-months ending September 2003, partially reflecting exceptional costs of £1.4 million following a restructuring of the management team.

Terms of the Tradition transaction were not disclosed.

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