IG Group's American Arm Joins FIA, Expands Its Global Trading Network

<p>The
American division of IG Group, a London-based company focused on spread betting
and CFD trading, has joined the Futures Industry Association (FIA). FIA is a
global trade organization comprising clearing firms, exchanges, clearinghouses,
trading firms and commodities specialists from over 48 countries across the
world. The association is also open to other groups such as technology vendors,
lawyers and other professionals serving the industry.</p><p>IG US Gains
FIA Membership</p><p>FIA
announced IG US’s membership in its organization today (Wednesday) in a post on
its social media platform. However, the international association <a href="https://www.fia.org/fia/articles/fia-new-member-profile-ig-us" target="_blank" rel="follow">first unveiled </a>the subsidiary firm’s membership
over a week ago.</p><p>In 2021, IG
Group entered the US trading market by <a href="https://www.financemagnates.com/forex/ig-group-completes-the-acquisition-of-tastytrade-after-regulatory-approval/" target="_blank" rel="follow">taking over online
broker tastyworks</a> and its trading education platform, tastytrade, in<a href="https://www.financemagnates.com/forex/brokers/ig-group-proposes-1-billion-acquisition-of-tastytrade/"> a $1 billion deal</a>. At the time of acquisition,
tastyworks had over 105,000 active trading accounts on its platform. </p><p>Earlier
this year, <a href="https://www.financemagnates.com/forex/online-broker-tastywork-rebrands-to-tastytrade/" target="_blank" rel="follow">tastyworks rebranded to
tasytrade</a>, taking
over the old brand name of the online financial network which ceased to use the
name in December 2022. Tastytrade, the recently rebranded brokerage firm,
through its platform, offers options, futures and crypto trading to retail
investors.</p><p>A Good Time
for IG US</p><p>IG US's
affiliation with the FIA arrives as IG Group is experiencing a strong financial
performance in the American market. During the fiscal year 2023 ended on 31
May, IG Group’s revenue from its US operations <a href="https://www.financemagnates.com/forex/brokers/ig-group-ends-fy23-with-lower-trading-revenue-expands-share-buyback/" target="_blank" rel="follow">jumped by 47% to £191.3
million</a>. </p><p>To narrow
down, <a href="https://www.financemagnates.com/forex/tastytrade-litefinance-launch-new-features/" target="_blank" rel="follow">tastytrade</a> alone saw its year-over revenue
climb by 52% to £170.3 million. Similarly, the revenue of Spectrum Markets, a
pan-European trading venue for securitised derivatives owned by IG Group,
ascended by 52% to over £15.7 million</p><p>However, IG
Group returned a mixed performance when the accounts of its various brands were
consolidated. While the group’s annual revenue shot up by 5% to £1.02 billion,
net trading revenue shrank by 3% to £941.8 million, <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported.
Moreover, the group’s net profit slumped 8% to £363.6 million.</p><p>“We’ve
performed well in the much more difficult market conditions that persisted
through most of the past year, maintaining our <a href="https://www.financemagnates.com/forex/brokers/ig-closes-q3-with-18-otc-derivatives-revenue-drop/" target="_blank" rel="follow">leadership position in
OTC derivatives</a> while building further momentum in our product and geographic
expansion,” Charlie Rozes, IG’s Acting CEO who <a href="https://www.financemagnates.com/executives/ceo-of-ig-group-june-felix-steps-down-due-to-ill-health/" target="_blank" rel="follow">took over the role from
June Felix</a>, stated.</p><p>SEC charges Citigroup; FMA and FCA warn against clone websites; <a href="https://www.financemagnates.com/forex/news-nuggets-30-august-sec-charges-citigroup-fma-and-fca-warn-against-clone-websites/" target="_blank" rel="follow">read today's news nuggets</a>.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.