Intensifying Competition and Declining Profitability in Foreign Exchange Trading
First written in FY2016. 8 of 13 entries say "Restated". Latest entry: 2026-07-31.
Traders Holdings moved to the "Worse" side of this theme in 2025, 3 years after the typical company in this theme (2022).
The whole theme swung hardest in 2022: 3 of 10 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- 2026-07-31WorsenedFinancial results briefing materials
「Meanwhile, competition has intensified further as leading companies in the industry strengthen their initiatives. Based on disclosed comparable figures, our net increase in the first quarter ranked second in the industry.」
The company described the intensification of competition in the FX industry in stronger terms as leading companies strengthened their initiatives. - FY2026WorsenedAnnual report
「Competition is intensifying further, with competing companies pursuing mergers and business alliances in an effort to survive in the FX industry.」
In addition to the existing competition over spreads and swap points and rising advertising expenses, the company cited mergers and business alliances among competing companies, describing the intensification of competition in stronger terms. - FY2025WorsenedAnnual report
「Competition is intensifying further, as evidenced by mergers and business alliances among competing companies.」
In addition to competition over spreads and swap points and rising advertising expenses, mergers and business alliances among competitors have occurred, and the company stated that competition in the FX industry has intensified further. - FY2023RestatedAnnual report
「Profitability is being squeezed by intensifying competition with other companies over spreads and swap points, while the difficult environment continues, with unavoidable increases in advertising and promotional expenses and other spending to acquire customers.」
The company continues to identify the risks of intensifying competition in the FX market, pressure on profitability and higher customer acquisition costs. - FY2022WorsenedAnnual report
「Many competing operators have entered the market and are constantly competing to narrow trading spreads and increase swap-point rates, causing profitability to continue declining. At the same time, advertising rates for affiliate marketing and other channels remain overheated, keeping customer acquisition costs high, and the earnings environment is becoming more challenging each year.」
Regarding competition in the FX industry, the company cited competition over spreads and swap points, overheated advertising rates and persistently high customer acquisition costs, stating that the earnings environment is becoming more challenging each year. - FY2022-Q3RestatedAnnual report
「During the consolidated cumulative third quarter period under review, there were no material additions or changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no material additions or changes concerning intensifying competition and declining profitability in foreign exchange trading. - FY2021-Q3RestatedAnnual report
「During the consolidated cumulative third quarter period under review, there were no material additions or changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no material additions or changes concerning intensifying competition and declining profitability in foreign exchange trading. - FY2018-Q3RestatedAnnual report
「During the nine-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes concerning intensifying competition and declining profitability in foreign exchange trading. - FY2018-Q2RestatedAnnual report
「During the six-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes concerning intensifying competition and declining profitability in foreign exchange trading. - FY2017-Q3RestatedAnnual report
「During the nine-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes concerning intensifying competition and declining profitability in foreign exchange trading. - FY2017-Q2RestatedAnnual report
「During the six-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes concerning intensifying competition and declining profitability in foreign exchange trading. - FY2017-Q1RestatedAnnual report
「During the three-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes concerning intensifying competition and declining profitability in foreign exchange trading. - FY2016First statedAnnual report
「Competition in the foreign exchange trading business is intense. As competition has intensified through the elimination of commissions, narrower trading spreads and smaller trading units, declining profitability and rising cost burdens are placing pressure on operators’ management.」
The company identifies as a risk the current situation in the FX industry, where commission-free trading, narrower spreads and smaller transaction sizes are leading to lower profitability and higher costs.