IG US Gains FIA Membership

FIA announced IG US’s membership today (Wednesday) on its social media platforms. However, the international association first unveiled the subsidiary firm’s membership over a week ago.

In 2021, IG Group entered the US trading market by taking over online broker tastyworks and its trading education platform, tastytrade, in a $1 billion deal. At the time of acquisition, tastyworks had over 105,000 active trading accounts on its platform.

Earlier this year, tastyworks rebranded to tasytrade, 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.

A Good Time for IG US

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 (FY23) ended on 31 May, IG Group’s revenue from its US operations jumped by 47% to £191.3 million.

To narrow down, tastytrade alone saw its year-over-year 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

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, Finance Magnates reported. Moreover, the group’s net profit slumped 8% to £363.6 million.

“We’ve performed well in the much more difficult market conditions that persisted through most of the past year, maintaining our leadership position in OTC derivatives while building further momentum in our product and geographic expansion,” Charlie Rozes, IG’s Acting CEO who took over the role from June Felix, stated.