Swiss interdealer broker Compagnie Financière Tradition has reported a drop in revenues in the first half of 2013 from the same period last year, but has said cost cutting measures put in place last year are beginning to pay off.

The Lausanne-based broker, which is listed on the Six Swiss Exchange, this morning released its revenue statement for the first half of 2013. The firm reported a drop in revenues of 7.1% at current exchange rates to Sfr475.9 million ($508.5 million), compared to Sfr512.4 million a year earlier.