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IG Group Continues to Perform and new CFD iPhone Application |
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London-based spread trading and CFDs company IG Group Holdings has released a trading update regarding its financial performance over the previous three months revealing a 16 percent year-on-year increase in revenues to £79 million.
IG Group stated that volumes had been ‘strong’ during the first half of the quarter but had later fallen off as low volatility in all of the main asset classes ‘amplified the normal seasonal effect of holidays in the northern hemisphere’.
The firm revealed that its UK office achieved revenues of £42.3 million for the three-month period, which was an increase of 8.5 percent year-on-year, while its Australian operation recorded a twelve percent rise in revenues when compared to the same phase in 2009 to £11.2 million. In addition, IG Group stated that its continental European offices ‘continued to achieve strong growth’ with revenues up 46 percent year-on-year to £12.7 million, while the operation in Singapore saw revenues increase 52 percent to £3.5 million.
“All of the Group’s European offices achieved good growth with Germany delivering the strongest,” read a statement from IG Group.
“As anticipated, IG Group saw a sharp fall in foreign exchange volumes in Japan at the beginning of August when the first regulatory restriction on leverage came into force. Volumes began to recover as the month progressed and that recovery has continued into September although volumes remain around 30 percent lower than before the leverage limit came in. It is anticipated that clients will continue to adapt their behaviour to a lower leverage environment in the coming months.”
Overall, IG Group’s revenues for the quarter grew by 14 percent year-on-year to £6.5 million while those from the US increased 20 percent when compared to the same period in 2009 to £600,000.
“IG Group continues to develop its technology platform in order to further extend its competitive lead,” read the statement from IG Group.
“During the quarter, IG Markets launched its first iPhone application, initially just for its UK spreads trading business. Management has been pleased with the response from clients to the application and has incorporated a number of additional features requested by clients in the next version, which is due for release later this month.
CFD iPhone Application
A multi-lingual CFD iPhone application will follow in a few months.
“It remains difficult to predict future trends in volatility or customer reaction to changing market and economic conditions. Growth in the number of active customers and the continued development of IG Group’s offering leave IG Group well positioned for further growth.”
IG Markets Account / IG Markets Website
Remember that CFDs are a leveraged product and can result in losses that exceed your initial deposit. Trading CFDs may not be suitable for everyone, so please ensure that you fully understand the risks involved.
Content approved/supplied by IG Markets which is Authorised and regulated by the Financial Services Authority, FSA Register number 195355.
IG Group Continues to Perform and new CFD iPhone Application, last edited by W.Winter, 14-Sep-10.
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