IG Group is not a classic retail Forex broker like FXCM or Interbank FX because larger portion of its business is coming from spread betting, CFDs and binary options. However this is still a positive sign for the Forex industry indicating that the market is still growing and that Forex firms can still make money despite the lower volatility. This is also in-line with the report that Forex volumes are on the rise again in Q2 2009.
IG Group reported revenue for the quarter to end-August of 68m versus 53m the prior year. While London’s branch revenue increased by 4% only this was overcompensated by the German, French, Singapore and US offices revenue of which increased by 80%.
IG Group’s Japanese subsidiary – FXOnline – still managed to grow amid the newly imposed low leverage requirements and the increased competition, mainly due to introduction of new trading instruments such as CFDs and binary options which are relatively new in Japan.
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During the period the Group opened over 21,000 financial accounts, an increase of 72% on the number opened in the corresponding period of the prior year. Excluding FXOnline, the like-for-like increase was 23%, driven principally by increases in the rate of account opening in the UK and Australia.
Interim Management Statement for the period is embedded for your convinience below: