Leonteq profits take a hit, chooses Portugal for nearshoring

The Swiss firm has reported in its half-year results a substantial growth in net fee income of 76% to CHF213m as well as a CHF-107.1m negative net trading result. The latter came because of hedging-related losses driven by oil price shock and cancellation of dividend payments, and an increase in hedging-related costs. Leonteq recorded a significant increase in hedging-related costs as market risk exposures changed rapidly in an increasingly illiquid hedging market. These were only partially off