IG Group, a London-headquartered
spread betting and CFD trading provider, has entered into an agreement to
acquire futures exchange, Small Exchange, from Foris DAX Markets, the parent
company of Crypto.com. The deal comes a year after the holding group completed the sale of its 39% stake in the Chicago-based exchange.
In December 2021, IG Group agreed to sell its subsidiary North American Derivatives Exchange
(NADEX) as well as Small Exchange, noting that the deal “delivers a significant
return” on the previous investments made in these entities and “enables
additional investment across all our businesses.”
At the time, June Felix, IG
Group CEO, noted that the deal will give the Group the room to further sharpen
its focus on integrating and expanding the US options and future business
through its tastytrade and tastyworks franchises, both in the United States and
internationally.
However, the company announced
on Monday that re-admitting the futures exchange into its network will enable
it “to continue expanding its range of products and services available to
retail investors and traders in the U.S. and to leverage the Small Exchange’s
trading technology.” The firm said Small Exchange, which was launched in
2019, boasts of “a world-class trading system, risk-monitoring system and matching
engine.”
IG Seeks to Build Up Small Exchange to Become ‘Market Leader’
Although based in the UK, IG
Group has a good presence in the United States. The Group operates tastylive, a
Chicago-based financial content network targeted at traders and investors. The
group also operates another Chicago-based platform, tastytrade, which is an online platform for trading in
options, futures, and stocks.
In addition, the company run IG
North America, IG US and tasty software solutions. The firm believes Small
Exchange, which is registered as a Designated Contract Market with the US
Commodity Futures Trading Commission, can help it achieve its innovation goals.
“The future of market structure
in the US depends heavily on product innovation at the exchange level, and I’m
confident we can build an exchange that will scale and become a market leader
over the next decade,” explained Tom Sosnoff, Founder of tastylive.
Meanwhile, IG Group has
initiated the third trance of its share buyback
programme following the £150 million
program announced in July 2022 and the £50 million extension in January 2023.
The goal of the programme is to reduce the company’s share capital, the brokerage said.
Finance Magnates reported that the United States Securities and Exchange Commission recently highlighted that DailyFX, an IG Group-owned trading news portal, was not allowed to solicit investments from investors. However, IG Group clarified that
the portal is designated to European and Asian traders.
GMO’s new investment; Komainu enhances custody; read today’s nuggets.
IG Group, a London-headquartered
spread betting and CFD trading provider, has entered into an agreement to
acquire futures exchange, Small Exchange, from Foris DAX Markets, the parent
company of Crypto.com. The deal comes a year after the holding group completed the sale of its 39% stake in the Chicago-based exchange.
In December 2021, IG Group agreed to sell its subsidiary North American Derivatives Exchange
(NADEX) as well as Small Exchange, noting that the deal “delivers a significant
return” on the previous investments made in these entities and “enables
additional investment across all our businesses.”
At the time, June Felix, IG
Group CEO, noted that the deal will give the Group the room to further sharpen
its focus on integrating and expanding the US options and future business
through its tastytrade and tastyworks franchises, both in the United States and
internationally.
However, the company announced
on Monday that re-admitting the futures exchange into its network will enable
it “to continue expanding its range of products and services available to
retail investors and traders in the U.S. and to leverage the Small Exchange’s
trading technology.” The firm said Small Exchange, which was launched in
2019, boasts of “a world-class trading system, risk-monitoring system and matching
engine.”
IG Seeks to Build Up Small Exchange to Become ‘Market Leader’
Although based in the UK, IG
Group has a good presence in the United States. The Group operates tastylive, a
Chicago-based financial content network targeted at traders and investors. The
group also operates another Chicago-based platform, tastytrade, which is an online platform for trading in
options, futures, and stocks.
In addition, the company run IG
North America, IG US and tasty software solutions. The firm believes Small
Exchange, which is registered as a Designated Contract Market with the US
Commodity Futures Trading Commission, can help it achieve its innovation goals.
“The future of market structure
in the US depends heavily on product innovation at the exchange level, and I’m
confident we can build an exchange that will scale and become a market leader
over the next decade,” explained Tom Sosnoff, Founder of tastylive.
Meanwhile, IG Group has
initiated the third trance of its share buyback
programme following the £150 million
program announced in July 2022 and the £50 million extension in January 2023.
The goal of the programme is to reduce the company’s share capital, the brokerage said.
Finance Magnates reported that the United States Securities and Exchange Commission recently highlighted that DailyFX, an IG Group-owned trading news portal, was not allowed to solicit investments from investors. However, IG Group clarified that
the portal is designated to European and Asian traders.
GMO’s new investment; Komainu enhances custody; read today’s nuggets.
