Skip to content
Broker news. Connected. RSS feed
FXBROKERS

A clearer view of the broker industry.

The newsroom

transfer pricing

The companies, products and regulatory developments shaping the broker industry.

4 resultsReset view
Financial results

Axi’s headline growth rests on a rewritten comparator: the transfer-pricing restatement cut prior profit by about 38%

Axi Financial Services (UK) Limited reported $59.3 million of revenue and $10.181 million of profit after tax for the year to 30 June 2025. The published growth rates—about 56% for revenue and more than 320% for profit—are mathematically accurate against the comparative figures printed in the 2025 accounts. But those comparative figures were not the numbers originally reported for 2024.

Financial results

OANDA Europe’s first full year under a new transfer-pricing model ended in a £2.07m loss before FTMO took control

OANDA Europe Limited’s first full calendar year after the group replaced its residual-profit-split arrangement with a royalty-and-services transfer-pricing structure ended in a £2.073 million pre-tax loss. Revenue fell 19.3% to £14.900 million from £18.474 million, reversing the prior year’s £1.507 million profit.

Financial results

FxPro UK processed $87bn, but 98% of revenue was an affiliate recharge—not a trading take rate

FxPro UK Limited reported $87 billion of client trading volume in 2025, but that number cannot be used to calculate a broker “take rate” from the company’s £1.779 million revenue. Almost all of the revenue was an intercompany recharge under a 10% cost-plus service agreement with FxPro Global Markets Limited. Only £32,894 was identified as inactive-account fee income.

Financial results

Pepperstone UK’s £18m profit exceeded trading revenue because a £21.4m group allocation did most of the work

Pepperstone Limited’s UK accounts present an apparent paradox: profit after tax of £18.0 million exceeded the company’s £15.04 million of trading revenue. The explanation is not an unusually high trading margin. A £21.4 million profit-repatriation allocation from another group entity supplied 88.9% of the UK company’s £24.07 million pre-tax profit and was 142.3% of its own trading revenue.