Belzberg Technologies (TSX -BLZ), a provider of technology-based equity and options trading services, announced the results for the third quarter ended September 30, 2009.
"Belzberg has achieved many important milestones over the past three months." said Judith Robertson, President and CEO. "Our technology upgrade was delivered on schedule and has been well-received by our clients. The improved trading platform, which is in the process of being rolled out to clients, will enhance the Company's competitive position in both equities and options."
Major achievements in the third quarter include:
- Operating expenses (excluding restructuring charges and pass- throughs) declined $0.6 million from the second quarter and $1.6 million from the first quarter.
- Average transaction fees have improved for both electronic equities and options as we continue to focus on improving our business mix;
- Added 6 net new clients in the third quarter across equities and options. New clearing clients are ramping up activity levels.
"In addition to product improvements, we continue to make meaningful improvements in our cost structure. Operating expenses net of pass-throughs in the third quarter were reduced 9% when compared to the second quarter and 20% when compared to the first quarter 2009." said Judith Robertson, President and CEO. "July and August are traditionally lower volume trading months with September showing a material improvement. Our reported revenues were also negatively affected by a 6% decline in the US/CAD exchange rate in the third quarter versus the second quarter and a 15% decline compared to the first
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