CMC Markets Plc (LON:CMCX) is continuing to suffer from the raft of regulations imposed on the sector last year.
Market conditions improved in the three months to December but revenue remained down year-on-year said the spread bet firm.
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Retail activity was steady with client money remaining at similar levels to the first half.
Guidance for the year to March was unchanged with the focus on operating cost control, said CMC.
Peter Cruddas, chief executive, added: “After the first full quarter following the introduction of the ESMA measures, we now have a better understanding of changing client behaviour and are adapting our model accordingly.”