Vincent Germyns (pictured), chairman of the executive board, Binckbank, said the result for the first half of 2019 was lower than expected, with market conditions in which the broker conducts its business activities ‘very challenging’.
Dutch broker Binckbank has reported that sales of financial instruments including the Binck turbos and hedge accounting results, decreased by 35% to €2.5m in the first six months of 2019 (1H2018: €3.9m). Requirements by regulators of maximum gearing allowed on leveraged products, such as turbos, also resulted in a ‘smaller product assortment’ and a ‘dampening effect’ on the earnings from these products, according to the online broker. The transaction numbers f