IG Group Expects to Provide for Majority of CHF Related Client Debts
- IG Group's attempts to recover client funds continue with half of the negative balances resulting from the Swiss National Bank's decision to remove the 1.20 floor in the EUR/CHF already settled.
According to a trading update released by IG Group (LON:IGG), for the three months to February 28, 2015, which constitutes the third quarter of the firm’s 2015 financial year, it has reported revenues totaling £91.8 million ($135.8 million). The number includes a charge totaling £11.8 million ($17.5 million) related to the Swiss National Bank (SNB's) induced 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.
The company highlighted in its announcement that it expected to provide for the majority of client debts it was owed, totaling £18.4 million ($27.2 million) with about half of the debtor accounts already settled.
At the same time, the firm highlighted that the majority of the remaining debtors were not likely to be in a position to settle their Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term with the brokerage.
Excluding the SNB effects, revenues at IG Group (LON:IGG) were up during the third quarter by 7.1% to £103.6 million ($153.2 million).
Share of revenues per region
The majority of the company's growth in the revenues per client metric came from the Australian arm of business where the number increased 16% year-on-year. The U.K. remains the main powerhouse for the company, accounting for 54% of the firm's global revenue.
Revenues per client increased in the U.K. and Australia by 5.8% and 11% respectively, but dropped lower in Europe and the rest of the world by 15% and 3.7%.
The full effects of the negative sentiment resulting from the SNB debacle causing trades of IG Group's clients to be settled around 0.9250 in the EUR/CHF may yet surface, as the company has received unwanted media attention in the past several weeks.
Active clients' numbers were reported higher by 13% year-on-year, with IG Group (LON:IGG) highlighting strong growth in the US and South Africa.
According to a trading update released by IG Group (LON:IGG), for the three months to February 28, 2015, which constitutes the third quarter of the firm’s 2015 financial year, it has reported revenues totaling £91.8 million ($135.8 million). The number includes a charge totaling £11.8 million ($17.5 million) related to the Swiss National Bank (SNB's) induced 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.
The company highlighted in its announcement that it expected to provide for the majority of client debts it was owed, totaling £18.4 million ($27.2 million) with about half of the debtor accounts already settled.
At the same time, the firm highlighted that the majority of the remaining debtors were not likely to be in a position to settle their Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term with the brokerage.
Excluding the SNB effects, revenues at IG Group (LON:IGG) were up during the third quarter by 7.1% to £103.6 million ($153.2 million).
Share of revenues per region
The majority of the company's growth in the revenues per client metric came from the Australian arm of business where the number increased 16% year-on-year. The U.K. remains the main powerhouse for the company, accounting for 54% of the firm's global revenue.
Revenues per client increased in the U.K. and Australia by 5.8% and 11% respectively, but dropped lower in Europe and the rest of the world by 15% and 3.7%.
The full effects of the negative sentiment resulting from the SNB debacle causing trades of IG Group's clients to be settled around 0.9250 in the EUR/CHF may yet surface, as the company has received unwanted media attention in the past several weeks.
Active clients' numbers were reported higher by 13% year-on-year, with IG Group (LON:IGG) highlighting strong growth in the US and South Africa.