The US wing of IG Group, a leader in spread betting and CFD trading based out of London, has secured its place within the Futures Industry Association (FIA). The FIA is an international trade organization that comprises trading and commodities experts, clearing firms, technology vendors, legal professionals, and others from more than 48 countries globally.
IG’s US Division Secures FIA Membership
On Wednesday, the FIA broke the news via its social media channels, the inclusion of IG US.
Last year, IG Group paved its way into the US trading market by acquiring online broker Tastyworks and its trading education arm, Tastytrade, in a deal worth $1 billion. At the time of acquisition, Tastyworks boasted over 105,000 active trading accounts.
Earlier in the year, Tastyworks rebranded, adopting the former brand name of the online financial network that stopped using the term in December 2022. Now known as Tastytrade, the newly branded brokerage firm facilitates options, futures, and crypto trading for retail investors via its platform.
Smooth Sailing for IG US
IG US’s inclusion in the FIA comes when IG Group enjoys robust financial results in the American market. The fiscal year 2023 (FY23) that ended on May 31 saw a 47% surge in IG Group’s US revenue, totaling £191.3 million.
Specifically, Tastytrade witnessed a 52% year-over-year increase in revenue, amounting to £170.3 million. Likewise, Spectrum Markets, a pan-European trading venue owned by IG Group, saw its revenue rise by 52%, reaching £15.7 million.
However, the performance of IG Group could have been more consistent when considering the combined accounts of its diverse brands. While the group’s annual revenue grew by 5% to £1.02 billion, its net trading revenue dipped by 3% to £941.8 million, according to Finance Magnates. The group’s net profit also tumbled 8% to £363.6 million.
“Despite challenging market conditions over the past year, we have managed to retain our top spot in OTC derivatives and gained traction in expanding our product and geographical reach,” stated Charlie Rozes, the acting CEO of IG, who succeeded June Felix.
