Tradition takes 10% stake in IFX
11 February 2004 | 3397 views | 0
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.