The Lausanne-based broker Compagnie Financière Tradition (CFT) lifted consolidated revenue including joint ventures to 646.2 million francs, or roughly 800 million dollars, in the first half. At constant exchange rates that amounts to a gain of 10.4 percent; at current rates, just 2.2 percent. Reported revenue under IFRS reached 597.8 million francs.

The gap between the two growth rates is down to the movement of the franc, which pushed franc-denominated revenue well below the growth recorded at constant rates.

A Slowdown in Q2, Negative in Francs

Growth was also spread unevenly across the half. The first quarter came in strong, buoyed by geopolitical tensions, notably in the Middle East. In the second quarter the pace slowed to 3.6 percent at constant rates, while revenue at current rates actually slipped 1.1 percent.

The softening also owes to a high basis of comparison. April 2025 had seen brisk trading activity, triggered by the US tariff announcements at the start of that month. July 2026, according to the company's statement, nonetheless picked up the momentum of the first half again.

Interdealer Broking as the Core Business

The growth is carried by the group's traditional business. Interdealer broking contributed 623.3 million francs, up 10.4 percent at constant rates. The smaller business with private investors came to 22.9 million francs and grew 8.9 percent.

CFT thereby builds on a strong prior year. In 2025 the broker had lifted revenue including joint ventures to around 1.2 billion francs and raised net profit to 134.2 million francs, all while headcount was falling (finews.com reported).