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(Reuters) - Financial technology company NEX Group Plc (NXGN.L) said its markets had been noticeably more active since the beginning of 2018 as volatility in foreign exchange markets increased from historic lows. The company, which provides electronic trading platforms for banks, asset managers, hedge funds and companies, reported a 5 percent rise in reported revenue for the third quarter. Trading platforms had benefited in 2016 from increased market activity after unexpected political news such as Donald Trumps U.S. election victory and Britains vote to leave the European Union, but the volatility caused by those events has been short lived. It is still too early to assume with any confidence that the previous and prolonged period of subdued market conditions has come to an end, Chief Executive Officer Michael Spencer said. NEX, which was known as ICAP until the sale of its voice broking business to TP ICAP (TCAPI.L) last year, said reported revenue at its NEX Markets unit fell 9 percent, adding the comparable period included the increased volatility following Trumps election. The unit provides foreign exchange and fixed income electronic trading technology and services via its EBS and BrokerTec platforms. Revenue at its NEX Optimisation division, which helps clients optimise their financial resources and reduce costs, rose 13 percent. NEXs MiFID II regulatory reporting solution went live on Jan. 3, with over 380 new contracts, with annual revenue of over 10 million pounds, it said. The company also said its effective tax rate was expected to fall to 22-24 percent next year from 26-28 percent this year, after the overhaul of the U.S. tax code. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty) View comments
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