Having stated its intentions in previous Trading Updates, IG Group is today launching its stockbroking platform in the UK and Ireland. The launch comes as IG is diversifying its revenue stream from being primarily focused on active traders while also offering what it believes is a natural extension of its existing product line. When presenting its stockbroking initiative to shareholders in July, IG Group exhibited data showing that 59% of spreadbetting and CFD traders in the UK also trade shares online. As such, with around 40,000 active clients from the UK and Ireland, the stockbroking initiative is poised to appeal to around 24,000 existing customers, as well as dormant accountholders who may become interested in the new initiative.
In its launch, the IG stockbroking platform will offer trading in 4,500 shares including non-UK listed stocks. Like its CFD and Forex trading products, the shares Trading Platform will be available with similar analytical tools, as well as in tablet and mobile apps. Overall, the product launch plays to recent strengths at IG, of which they are seeing growth in mobile and tablet trading, as well as an increase in interest towards non-forex securities.
In announcing the offering, Tim Howkins, Chief Executive of IG Group, stated, “The global financial markets are faster moving and more intertwined than ever before. Retail investors are becoming increasingly confident and demanding with technology, especially in the field of mobile apps. The traditional trading platforms available to those wanting to buy stocks online simply haven’t kept pace – they are basic and opaque.” Howkins added, "Our research shows that people put convenience at the top of their wish list when making financial transactions online.”
