IG Group
| File:Iggroup logo.png | |
| Company type | Public Limited Company (LSE: IGG) |
|---|---|
| Industry | Financial Services |
| Founded | 1974 |
| Headquarters | London, UK |
Key people | Jonathan Davie, (Chairman) Tim Howkins, (CEO) |
| Revenue | £257.1 million (2009)[1] |
| £117.1 million (2009)[1] | |
| £78.7 million (2009)[1] | |
Number of employees | 761 (2009)[1] |
| Website | www.iggroup.com |
IG Group plc (LSE: IGG) is a British-based Company trading in financial derivatives and sports betting. While the majority of the company's activities are based in the UK the Company has also expanded internationally. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
History
The Company was founded by Stuart Wheeler in 1974 as a spread betting business under the name IG Index (an abbreviation for Investors Gold Index).[2] In 1982 it started to offer bets on FT 30 companies and in 1995 on all publicly-traded companies.[2]
In July 2000, shares in the newly named IG Group plc were first listed on the London Stock Exchange.[2]
In July 2002, IG Group commenced trading in Australia after a change in the country's financial services legislation made it possible to offer Contracts for Difference to Australian residents.[2]
IG Group took the opportunity to acquire Wheeler's shares, and those of certain other long-standing shareholders, in a management buy-out (backed by venture capitalists CVC Capital Partners Ltd) which valued the company at £143 million.[3] IG Group plc's listing on the London Stock Exchange was subsequently cancelled on 7 November 2003.[2]
In May 2005, after two years of private ownership, IG Group and CVC Capital Partners re-floated the company on the main list of the London Stock Exchange with a valuation of £393 million.[4]
In October 2008 IG acquired fxonline, a leading Japanese retail FX business.[5]
Operations
IG Index offers spread betting on financial markets, sporting, entertainment and political events,[6] while IG Markets offers Contracts For Difference (CFDs) and Foreign exchange market (FX) bets on a similar range of financial markets.[6]
A traditional fixed-odds sports service, with an emphasis on in-play betting, is offered by extrabet,[6]
The Company now operates in Australia, France, Germany, Italy, Russia, Singapore, Spain, Portugal, USA, Japan and Sweden.
Online Dealing
New technology offering online dealing was introduced in 1998 and is now extensively used by customers.[7]
Regulation
IG Index and IG Markets are regulated by the Financial Services Authority (FSA) in the United Kingdom.[8] The Group's Australian operations are regulated by the Australian Securities and Investments Commission (ASIC)[8] and the Group's Singapore operations are regulated by the Monetary Authority of Singapore (MAS).[8]
References
- ^ a b c d Annual Report 2009
- ^ a b c d e IG Group History
- ^ IG Group agrees to £143m management buy out
- ^ IG forced to cut pricing to get float away
- ^ British spread-better buys FXOnline
- ^ a b c IG Group: Our businesses
- ^ WIPO Arbitration & Mediation Centre Panel Decision Section 6
- ^ a b c IG Index: Regulation
External links