Dragon Holdings AG (US: DRGHY , WKN: A1CTDS): Interim Management Statement
Munich, 23 rd May 2013 - Dragon Holdings AG, a world leading FX Trading technology developer and provider of FX branded liquidity solutions and services, today issues its Interim Management Statement for the period 1 st January 2013 to 31 st March 2013.
As previously indicated, trading conditions for the quarter ending 31 st December 2012 remained challenging, with a pronounced slowdown in Global Trading volumes in December. The group's FX Trading turnover for the last quarter was US$ 6.50 billion. Activity levels in the first quarter, ending 31 st March 2013, improved across different product categories, with the first quarter FX Trading volume reaching US$ 41.47 billion. This represents a 638% increase over the previous quarter.
Commenting on the first quarter, Michael Hughes, Executive Director of Dragon Holdings AG, said: 'Whilst December was a good month for us on FX volumes, we've seen a marked improvement in trading volumes since the beginning of January across our entire business, although it is premature to tell if this is the start of a more sustained upturn. With a strong balance sheet, and despite the challenging market environment, we continue to innovate and develop our business. Next week we will launch the distribution of an Electronic Social FX Trading Platform, 'Clone Trader for FX', in the Middle East. At the same time, we will be launching the distribution of an Electronic Social GOLD Algorithms Trading Platform, 'Clone Trader for GOLD', in South East Asia. The Clone Trader platforms allow customers to clone fully automated trades in the Social Gold and FX Space. This will build on the success of our market leading Euro platform.
We have received positive feedback from customers on the many changes we've made at our subsidiary Tradeology Limited and our new service, Tradeology Branded Feeds, is progressing well.
We remain well positioned for the opportunities that regulatory changes in the market landscape will bring. The push towards more electronic trading and risk mitigation of OTC derivatives plays to our strengths, as we have invested heavily in developing the services and technology that our customers will need to meet the new regulatory requirements.
In the first quarter 2013, the average spot FX volumes on the Tradeology platform were $41.47 billion, up 638% quarter-on-quarter. This rise is attributed to an increase in Clone Trader trading volumes and we expect these trading volumes to further increase in the second quarter 2013.'
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About Dragon Holdings AG
Dragon Holdings AG has its headquarters in Munich, Germany and operates as a holding company for the Sales & Distribution of various IT Hardware products, as well as having diverse business activities related to Algorithmic Trading Technology. Through its subsidiaries, Dragon Holdings AG markets trading platforms worldwide, offering its clients complete services that include software and hardware.
Dragon Holdings AG is a world leading FX Trading technology developer and provider of FX branded liquidity solutions and services. The Group develops Algorithms, Risk Management Systems and other software for the wholesale markets in gold, commodities and FX through electronic networks, operating in several electronic market places. Through the distribution of Clone Trader platforms, the group helps its customers clone trades in the Social Gold and FX Space.
For more information, please visit our company website: www.dragonholdings.net
If you have any questions, please contact our Investor Relations Team for assistance at:
investor.relations@dragonholdings.net
Dragon Holdings AG
Promenadeplatz 10
D-80333 M?nchen
Germany
Tel: +49 (0)89 21665036
Fax: +49 (0)89 21665041
