IG’s Q2 FY 2017 strong, in line with expectations

IG’s Q2 FY 2017 strong, in line with expectations

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IG Group (LON:IGG), UK’s leading forex brokerage, issued a trading update for Q2 FY 2017, indicating that it continues to perform in line with expectations.

According to the statement, the second quarter of the financial year ending on May 31, 2017, has been strong and the company has seen good revenue delivery. It has offset the higher operating costs in the first half of the financial year, incurred mostly by the ongoing success in effective new client recruitment.

The financial results of IG Group for the six months ending on November 30, 2016 will be announced on January 24, 2017.

The most significant development in the period under review has been the purchase of news and research and analysis site DailyFX from FXCM for $40 million in the end of October. The deal was initially announced in September. At the closing of the deal FXCM got from IG Group $36 million in cash, which it used to repay part of its debt to Leucadia National Corp. The remaining $4 million will be paid to FXCM on completion of certain migration requirements.

In November the 2016 UK Leverage Trading Report of Investment Trends indicated IG Group as UK’s market share leader in financial spread betting, forex and CFDs. According to the same report, a survey of 12 000 traders ranked IG first among spread betters for quality of trade execution, ease of platform navigation, platform reliability and range of tradable products and markets.

London-based IG Group was estabished in 1974 as a spread betting provider, the first UK-based one at the time. Since then it has expanded to also offer trading in contracts for difference (CFDs), forex, binaries, and stocks.

It has more than 136,000 clients that are served from offices in 17 countries across the EU, the US, Asia, and Africa. The group operated under the IG brand worldwide, and as the Nadex derivatives exchange in the US, after in 2012 it merged the brands IG Index and IG Markets into a single one – IG.

IG Group’s lead regulator is the UK’s Financial Conduct Authority (FCA), but its subsidiaries are also regulated by the relevant authorities in the countries where they operate. It is also a licensed bookmaker by the UK’s Gambling Commission.

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