tastytrade, a financial network under IG Group, is undergoing a significant expansion in Chicago. This initiative involves the launch of a 35,000-square-foot office space and studios. Additionally, the financial network plans to invest $600,000 in the Greenwood Project, a non-profit organization dedicated to enhancing diversity in the financial sector.

tastytrade's Initiatives in Chicago

Acquired by IG Group in 2021, tastytrade's latest expansion aims to strengthen its position in Chicago's financial landscape. According to the press release, Governor JB Pritzker commended the firm's dedication to the city, recognizing the partnership with Greenwood Project as a catalyst for nurturing the next generation of financial leaders.

The CEO of IG North America and President of tastytrade, JJ Kinahan, mentioned: "At IG North America, we believe opportunity can drive positive change. By partnering with Greenwood Project, we are not only investing in the future of talented Black and Latino students but also contributing to a more diverse and inclusive financial services industry."

IG Group acquired tastytrade in 2021 after obtaining regulatory approval. The deal, totaling $300 million in cash along with the issuance of 61 million new ordinary shares to tastytrade's shareholders, marked a significant milestone in IG Group's growth strategy.

Additionally, IG Group's acquisition of the online brokerage firm solidified its position in the retail options and futures market. The decision to acquire tastytrade was preceded by the group's goal to tap into the growing retail trading market in the US. Besides the acquisition, IG Group partnered with Teach for Australia, a not-for-profit organization focused on addressing education inequality.

Expanding Partnerships

Last year, the American arm of IG Group joined the Futures Industry Association, marking a significant expansion in its global trading network. This acquisition paved the way for IG Group to enter the US trading market and gain access to tastyworks' substantial client base, which consists of over 105,000 active trading accounts.

IG Group's foray into the US market through the acquisition of tastyworks marked a strategic move to expand its reach and offerings to American traders. Following the acquisition, tastyworks underwent a rebranding to tastytrade.

tastytrade offers a range of trading options, including options, futures, and crypto, catering to retail investors. In FY23, IG Group's revenue from its US operations surged 47% to £191.3 million. Notably, tastytrade alone experienced a remarkable increase of 52% in revenue year-over-year, reaching £170.3 million.