IG Group Chairman Andy Green to Step Down

There’s been another big move at IG Group, with its Chairman Andy Green to step down in September at the company's annual general meeting, the firm announced this Monday.

Green has been with the London-listed foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term), contracts-for-difference (CFD), and spread betting brokerage for more than five years. A successor has not yet been named. However, it was revealed that senior independent director Malcolm Le May would lead the search for the next Chairman.

Today’s announcement follows on from June Felix being appointed as the chief executive officer (CEO) last year after IG Group veteran Peter Hetherington left the position. Green has cited the completion of the CEO succession as his reason for moving on.

"With the completion of the CEO succession, this feels like a good moment to hand over the reins. I wish all the great people of IG success. I look forward to watching the company grow and prosper under June Felix's leadership," Green said.

Brokers Struggle Amidst Tightening EU Regulatory Environment

The announcement that Green will be stepping down from his role comes amidst a difficult time for brokers within the retail forex and CFD space in the European Union (EU).

Tightened regulations have not only made operating within Europe and the UK harder but more costly and less attractive for retail traders. As a result, many brokers reported a drop in profits and revenues during the second half of last year, when the new regulations were implemented.

IG Group was not immune to this. As Finance Magnates reported, in the third quarter of its fiscal 2019 the company posted another decline in quarterly revenues as ESMA’s new rules and low Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term have impacted the retail brokers business materially.

Speaking on Green’s departure, Le May added: "The board would like to record its appreciation for Andy's contribution over five plus years. He has overseen a period of significant regulatory and business change. We thank him for his wisdom and sound counsel throughout his tenure."