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IG Group
IG Group Holdings plc, trading as IG Group, is a United Kingdom-based online trading provider, offering access to spread betting and CFD trading, which allows traders to bet on the direction of equities, bonds and currencies without owning the underlying assets.
Established in 1974 by Stuart Wheeler, the company is headquartered in London and operates in Europe and the USA. As of 2024[update], it had a market value of £3.4 billion and offered trading in 19,000 investment markets. IG is regulated by the Financial Conduct Authority (FCA). It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
IG Group, originally founded as IG Index (Investors Gold Index), was founded in 1974 by British financier Stuart Wheeler with an initial investment of £30,000 from six friends. It became the first company to offer spread betting, allowing investors to speculate on gold prices rather than buying physical gold, which was restricted by UK exchange controls at the time.
In 1993, IG Group expanded into spread betting on sports events, and in 1996, it started offering foreign exchange trading.
In July 2000, IG Group was formed as the parent company of IG Index, and its shares were listed on the London Stock Exchange, making it the first company of its kind to go public. Sports betting surged with the rise of the internet, bringing the company more than £10 million in revenue in the second half of 2001, nearly triple its earnings from the first half of 2000.
IG Group entered the Australian market in 2002, marking its first international expansion. In 2003, founder Stuart Wheeler sold his 23.68% stake in the company, netting £90 million. He was joined by some other major shareholders, so a total number of shares to be sold reached 30%. A management buyout backed by CVC Capital Partners valued the company at £143 million. In April 2005, IG Group returned to the stock market with a valuation of £1.3 billion, and CVC sold off £58 million worth of shares.
The company continued its global expansion, entering the United States market in 2007 with the £2.9 million purchase of HedgeStreet, an online derivatives trading platform, later rebranded as Nadex. In September 2008, IG Group acquired FXOnline, a Japanese trading firm, for £112 million.
In 2011, IG Group reported a net loss of £25.5 million, largely due to regulatory changes in Japan that restricted leverage to 10 times, significantly lower than the 100 times or more the company previously offered. The company also shut down its sports betting service, extrabet, due to declining revenues, incurring £5.3 million in closure costs.
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IG Group
IG Group Holdings plc, trading as IG Group, is a United Kingdom-based online trading provider, offering access to spread betting and CFD trading, which allows traders to bet on the direction of equities, bonds and currencies without owning the underlying assets.
Established in 1974 by Stuart Wheeler, the company is headquartered in London and operates in Europe and the USA. As of 2024[update], it had a market value of £3.4 billion and offered trading in 19,000 investment markets. IG is regulated by the Financial Conduct Authority (FCA). It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
IG Group, originally founded as IG Index (Investors Gold Index), was founded in 1974 by British financier Stuart Wheeler with an initial investment of £30,000 from six friends. It became the first company to offer spread betting, allowing investors to speculate on gold prices rather than buying physical gold, which was restricted by UK exchange controls at the time.
In 1993, IG Group expanded into spread betting on sports events, and in 1996, it started offering foreign exchange trading.
In July 2000, IG Group was formed as the parent company of IG Index, and its shares were listed on the London Stock Exchange, making it the first company of its kind to go public. Sports betting surged with the rise of the internet, bringing the company more than £10 million in revenue in the second half of 2001, nearly triple its earnings from the first half of 2000.
IG Group entered the Australian market in 2002, marking its first international expansion. In 2003, founder Stuart Wheeler sold his 23.68% stake in the company, netting £90 million. He was joined by some other major shareholders, so a total number of shares to be sold reached 30%. A management buyout backed by CVC Capital Partners valued the company at £143 million. In April 2005, IG Group returned to the stock market with a valuation of £1.3 billion, and CVC sold off £58 million worth of shares.
The company continued its global expansion, entering the United States market in 2007 with the £2.9 million purchase of HedgeStreet, an online derivatives trading platform, later rebranded as Nadex. In September 2008, IG Group acquired FXOnline, a Japanese trading firm, for £112 million.
In 2011, IG Group reported a net loss of £25.5 million, largely due to regulatory changes in Japan that restricted leverage to 10 times, significantly lower than the 100 times or more the company previously offered. The company also shut down its sports betting service, extrabet, due to declining revenues, incurring £5.3 million in closure costs.