Weekly Review: IG Group Posts Strong H1 Results, FCA Reviews Consumer Duty Rules, and More

IG Group’s H1 FY25 Revenue Jumps

Top on the weekly highlights, IG Group, reported total revenue of £522.5 million for the first half of fiscal 2025, ending on 30 November 2024, marking a year-over-year increase of 11%. Its net trading revenue for the same period rose by 12% to £451.7 million.

Finance Magnates earlier reported that IG generated £278.9 million in revenue in the first three months of the current fiscal year. This means the revenue for the second quarter came in at £243.6 million, a 12.6% quarter-over-quarter decline.

CMC Markets Reaffirms Full-Year Income

Meanwhile, another London-listed broker, CMC Markets, reaffirmed its full-year net operating income guidance in its latest trading update for the period from October 1 to December 31, 2024 (Q3 2025).

“We remain confident in meeting the guidance set earlier this year, with net operating income expected to be in line with market consensus, supported by a strong pipeline of B2B partnerships and ongoing product expansion and diversification,” commented Peter Cruddas, the CEO of CMC Markets.

FCA Is Considering Easing Consumer Duty Rules

On the regulatory front, the Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) in the United Kingdom is considering reducing the regulatory burden on firms by removing the “need for a Consumer Duty Board Champion” and delaying the introduction of new consumer protection rules if they are already addressed under the existing duty.

The British regulator's plans were disclosed in a letter from its CEO, Nikhil Rathi, to the UK’s Prime Minister, Chancellor, and Secretary of State, which was made public last week. The letter highlighted the FCA’s intentions to cut several bureaucratic obstacles.

The Consumer Duty rules came into effect at the end of July last year, covering the broader financial services sector in the UK and targeting services offered to retail customers.

“You Don’t Want to Prop Trade with Someone More Focused on Showing Off Their Lamborghinis”

In an insightful discussion about the prop trading space, 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 expert Kathy Lien sat down with Finance Magnates this week. “Prop trading is about more than just profits; it’s about discipline, resilience, and the ability to adapt,” she said. Known for her extensive career in forex markets, Lien recently released Prop Trading Secrets (Wiley) alongside Etienne Crête.

The book compiles interviews with traders, including champions of international competitions and industry veterans, to uncover strategies, personal anecdotes, and insights into this evolving space. “Prop trading has quickly grown into a vital part of the financial ecosystem, yet it remains an area where reliable guidance is in short supply.”

Why 50,000 Retail Traders are Rushing Back to Hong Kong Markets

Besides that, Hong Kong's retail investment landscape is experiencing a visible transformation. The market has recorded 50,000 previously dormant trading accounts springing back to life, marking a decisive shift in investor sentiment. This revival represents a 3% increase in total retail online investors and successfully breaks a three-year declining trend.

The resurgence coincides with a growing embrace of artificial intelligence (AI) tools among local investors. Current data shows that 17% of traders are already leveraging AI-powered solutions in their investment decisions. More significantly, an additional 43% of investors have expressed keen interest in incorporating these technologies into their trading strategies.

Trump Inaugurated as US President

Miles away, a historic day in Washington, D.C., took an unexpected twist this week, not only in politics but also in the world of cryptocurrency. As Donald Trump took the oath of office to reclaim the US presidency, Bitcoin shattered records, skyrocketing to an all-time high of nearly $110,000.

At the same time, the launch of meme coins by the first couple has thrown the crypto market into a whirlwind of volatility. Trump introduced his cryptocurrency, $TRUMP, just days before his inauguration, a move that jolted the crypto world. Initially, $TRUMP surged to $74, but it faced a sharp dip when Melania Trump unveiled her own coin, $MELANIA.

Changes at SEC, CFTC

Among the new changes, Trump appointed Mark Uyeda as the acting Chairman of the Securities and Exchange Commission (SEC) until the US Senate approves Paul Atkins for the top regulatory role. Another appointment involved Caroline Pham, who is now the Acting Chair of the Commodity Futures Trading Commission (CFTC). Her appointment follows a previous controversy in which she criticized the CFTC's working ethics, particularly its enforcement division.

Among the beneficiaries of Trump's second term in the Oval Office is Ross Ulbricht. The U.S. President granted a full and unconditional pardon to Ross Ulbricht, the founder of the infamous darknet marketplace Silk Road, who had been serving multiple life sentences for operating the platform that facilitated over $200 million in illicit trade using Bitcoin (BTC).

Additionally, Trump has signed an executive order this week to create a cryptocurrency working group tasked with proposing new digital asset regulations and “evaluating the potential creation and maintenance of a national digital asset stockpile.”

An Open Letter to Trump

As Donald Trump prepares to take the oath of office and return to the White House, the world is watching with anticipation. His presidency begins at a time of immense economic transformation, with one of the most significant forces shaping the future being cryptocurrency and blockchain technology.

We are all extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth and I truly believe that @WorldLibertyFi will revolutionize DeFi/Cefi and will be the future of finance. We are just getting started! 🚀

— Donald Trump Jr. (@DonaldJTrumpJr) January 19, 2025

What was once a niche interest for tech enthusiasts has now become a global financial and technological revolution. This revolution has the potential to redefine commerce, empower individuals, and reshape the role of governments in the digital age.

Robinhood Expands Across Europe

In addition to global politics, Robinhood is now available in Spain. In a statement on X, the US-based commission-free stock trading and investing app welcomed Spanish users to access trading, staking, and investment services under the Robinhood Crypto EU platform.

This announcement comes more than a year after the company unveiled a detailed plan to expand its services in the European Union, including rolling out services in the United Kingdom. Robinhood’s latest expansion comes amid the implementation of the Markets in Crypto-Assets (MiCA) regulations in the region.

Crypto.com Targets Corporations

Still, with crypto, Crypto.com expanded its presence in the United States with the launch of institutional services. Announced this week, the exchange will operate under the brand Crypto.com Exchange and offer institutional services. The company already serves retail users in the US.

“Since testing an early version of the Crypto.com Exchange in the US in 2022, we have made significant investments in the Exchange’s technological capabilities and banking infrastructure, resulting in substantial global growth and positioning ourselves as the leading USD-supporting cryptocurrency exchange,” said Kris Marszalek, Co-Founder and CEO of Crypto.com.

ESMA Sets Deadline for Crypto Firms

Lastly, the European Securities and Markets Authority (ESMA) set strict deadlines for crypto firms to act against non-compliant stablecoins under the new Markets in Crypto-Assets Regulation (MiCA).

In an official statement, ESMA urged crypto asset service providers (CASPs) to take urgent action by January 31 to restrict or delist stablecoins that do not meet MiCA’s standards.

The ESMA’s latest push has placed crypto service providers under pressure as it stresses the need for swift alignment with MiCA, which officially governs the issuance and management of stablecoins in the European Union.