IG Promotes Kevin Algeo to Head of Asia Pacific and Africa
The long-time industry veteran has been with the London-headquartered brokerage since 2013.
Victor Golovtchenko
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Executive Moves
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Executives )
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2018-11-19T15:59:35+00:00
2018-11-20T21:26:47+00:00
IG Group has promoted its CEO in Australia, Kevin Algeo to Head of Asia Pacific and Africa. The long-time industry veteran has been with the London-headquartered brokerage since 2013.
Algeo started his tenure at IG Group as a Managing Director in South Africa. After spending almost four years in that position, he moved to Australia in February last year.
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Starting as Deputy CEO in Melbourne, Algeo got promoted to CEO in June last year. A recent update on his LinkedIn profile shows that his official title is now Head of Asia Pacific and Africa.
Different Subsidiaries
IG Group has been handling different clients across the globe via different regional entities. The company’s core London office used to be the home for global users in most of the cases.
The recent regulatory changes have prompted many companies to rethink their policy when it comes to opening client accounts outside of the EU. The obvious choice for IG Group has been the broker’s Australian office.
The regulatory license issued by the Australian Securities and Investments Commission (ASIC) permits the company to offer higher leverage to its clients in Asia Pacific and from across the globe.
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While traditionally FCA-regulated brokers have been onboarding clients from Africa to their UK entities, the evolution of the market has prompted firms to take a different approach.
Regulatory Arbitrage
The global regulatory environment for retail traders is rapidly changing. While initially traders in the EU have been heavily hit by the new regulations, many brokers opened subsidiaries in offshore jurisdictions.
On-boarding of EU clients to an offshore entity is somewhat of a gray area, which many brokers took advantage of. For retail brokers, the lack of regulatory restrictions meant a green light.
Opportunities for a regulatory arbitrage across financial markets have been traditionally short-lived. A fresh reminder of what could come next brings me back to 2014.
At the time, the Japanese financial regulator JFSA sent a request to ASIC to prohibit local brokers to take on Japanese clients.
Before acquiring an official permit to operate in Japan, Swiss brokerage Dukascopy stopped accepting clients from the country.
The new Head of IG Group’s Asia Pacific and Africa unit will be based in Melbourne.
I’d love to know whether you approve (you must as IG has done it to me three times now) of your practice of suspending profitable CFD/Binary traders. I was a premium client in Australia, trading binaries successfully, until you suspended me BECAUSE I WAS PROFITABLE (you don’t hedge binaries but take the other side). You’ve done it to my friend and my elderly mother. You clowns are a SCAM – preying on weak traders and suspending competent traders. I will and can detail more to support my claim. A joke of a company. Honestly.