TIDMIGG
RNS Number : 8119N
IG Group Holdings plc
11 August 2017
IG Group Holdings plc
11 August 2017
Annual Report and Accounts 2017
IG Group Holdings Plc ("IG", "the Company"), a global leader in
online trading, announces that its Annual Report and Accounts for
the year ended 31 May 2017 ("Annual Report") has been published on
the Company's website www.iggroup.com.
In compliance with Listing Rule 9.6.1, the Annual Report has
been submitted to the National Storage Mechanism and will shortly
be available for inspection at:
www.Hemscott.com/nsm.do
Printed copies of the Annual Report will be posted on 18 August
2017 to those shareholders who have requested it.
Additional information
In compliance with DTR 6.3.5, the following information is
extracted from the Company's Annual Report (page references are to
pages in the Annual Report) and should be read in conjunction with
the Company's Full Year 2017 results announcement issued on 18 July
2017, which can be found at www.iggroup.com. Together these
constitute the information required by DTR.6.3.5 to be communicated
to the media in unedited full text through a Regulatory Information
Service. This information is not a substitute for reading the
Company's Annual Report in full.
The principal risks set out below are extracted from pages 37 to
41 of the Annual Report and are repeated here solely for the
purpose of complying with DTR 6.3.5.
PRINCIPAL RISKS
IG's Risk Taxonomy categorises the principal risks faced by the
firm into five areas: the risks inherent in the regulatory
environment, the risks inherent in the commercial environment,
business model risk, operational risk and conduct risk. The major
risks identified within each of these areas are summarised in the
table below, and overleaf we provide an overview of how IG seeks to
manage them.
Principal risk areas Principal risks
-------------------------------------------------------- ------------------------
Regulatory environment risk Regulatory change
The risk that the regulatory environment Expansion risk
in which the Group operates changes in
a way that has an adverse effect on the Tax risk
Group's business or operations.
-------------------------------------------------------- ------------------------
Commercial risk Strategic management
risk
The risk that the Group's performance is
affected by failure to adopt or implement Market conditions risk
an effective business strategy, through
competitors offering more attractive products/services Competitor risk
or prolonged adverse market conditions.
-------------------------------------------------------- ------------------------
Business model risk Market risk
The risk faced by the Group arising from Credit risk
the nature of its business and its business
model. Liquidity risk
Capital adequacy risk
-------------------------------------------------------- ------------------------
Operational risk Technology risk
The risk of loss resulting from inadequate People risk
or failed internal processes, people activities,
systems or external events. Process risk
The risk that the Group is unable to attract
and retain the staff it requires to operate External risk
its business successfully.
-------------------------------------------------------- ------------------------
Conduct risk Client outcomes
The risk that the Group's conduct poses Markets and financial
to the achievement of fair outcomes for crime
consumers or to the sound, stable, resilient
and transparent operation of the financial Employee behaviour
markets.
-------------------------------------------------------- ------------------------
Regulatory environment risk
IG operates in a highly regulated environment which is
continually evolving. IG defines regulatory environment risk as the
risk that the regulatory environment in any of the jurisdictions in
which the Group currently operates, or may wish to operate in,
changes in a way that has an adverse effect on the Group's business
or operations, through reduction in revenue, increases in costs or
increases in capital and liquidity requirements.
The Group operates to the highest regulatory standards and leads
the industry in the way in which it deals with its clients. The
Group maintains a strong relationship with its key regulators and
an active dialogue with them to keep abreast of impending
regulatory developments. In the last year, there has been a series
of significant regulatory proposals, particularly from UK and other
European Union country regulators, to impose restrictions on the
provision of leveraged products to retail clients. The proposals
have included a range of measures from leverage restrictions,
requirements for additional risk warnings, restrictions and bans on
marketing, and outright bans on the provision of CFDs and binary
options. The timeframes for the final rules from some of the
consultation processes are uncertain.
The Group has responded to all relevant consultations, with each
of the regulatory proposals analysed in depth. A comprehensive
analysis has been presented to regulators through a series of
detailed response documents and consultation meetings. The Group
has engaged with a broad range of interested parties to explain its
stance on the issues raised. Where applicable, in addition to the
comprehensive analysis in support of the firm's position on each
issue, IG has put forward alternative rule changes that it
considers would be more likely to achieve the outcomes that
regulators are seeking to achieve.
The Board has been actively involved in overseeing the formation
and execution of IG's response to these proposals, receiving
regular updates from the Executive Committee advising on the
regulatory and legal position and appropriate response
strategy.
Within regulatory environment risk, the Group also includes the
risk of significant adverse changes in the way in which the Group
itself, or the Group's business, is subject to taxation. Examples
of the tax risk faced by the business include the risk of the
imposition of a financial transactions tax, which could severely
impact the economics of trading, and the risk that the basis under
which the Group is taxed, in any of the jurisdictions in which it
operates, changes adversely.
Commercial risk
The Group defines commercial risk as the risk that the Group's
performance is affected by a failure to adopt or implement an
effective business strategy, by new or existing competitors
offering more attractive products or services, or by a prolonged
period of adverse market conditions.
The Group seeks to mitigate its strategic management risk
through the Board's regular, thorough review and challenge of the
Group's strategy and the performance of the various strategic
initiatives taken. The Board holds an annual strategy day to
consider and agree the strategic priorities for the business. The
Board also considers specific strategic actions and initiatives
during its normal schedule of Board meetings.
The Group's strategy will be reviewed again in the context of
the outcome of the various regulatory consultation papers discussed
above.
The Group operates in a highly competitive environment,
including from some unregulated and illegal operators. The Group
seeks to mitigate competitor risk by maintaining a clear
distinction in the market in terms of product, service and ethics,
and by closely monitoring the activity and performance of its
competitors, including detailed comparison of the terms of the
product offers.
IG regards itself as the leader in its market, and given the
Group's strong ethical values, unlike some of its competitors, the
Group does not deploy questionable practices that can be
commercially attractive to clients (such as offering excessive
leverage). However, the Group seeks to ensure that its product
offering remains attractive, taking into account the other benefits
that the Group offers its clients, including brand, strength of
technology and client service quality. This allows the business to
provide a competitive offering overall and manage competitor risk
without compromising the Group's values.
The Group's trading revenue reflects the transaction fees paid
by clients less the transaction costs incurred in hedging market
exposures. The extent of client trading activity and the number of
active clients in any period are the key determinants of revenue in
that period. The ability to attract new clients and the willingness
of clients to trade depends upon the level of opportunities clients
perceive are available to them in the markets. The Group's revenue
is therefore partly dependent upon market conditions.
The Group seeks to mitigate market conditions risk through
detailed review of daily revenue analysis, monthly financial
information and other Key Performance Indicators (KPIs), and
regular reforecasts
of its expected financial performance reflecting the latest and
expected market conditions. The Group uses these forecasts to
determine actions necessary to manage performance in the context of
market conditions.
The Group updates its investors and market analysts on its
revenue performance on a regular basis, including quarterly updates
and pre-close statements, and engages with investors and market
analysts to manage the risk that the impact of market conditions is
reflected in performance expectations.
Business model risk
IG defines business model risk as the risks faced by the Group
arising from the nature of its business and its business model,
including market risk, credit risk, liquidity risk and capital
adequacy risk.
Market risk (audited)
IG takes market risk for the purpose of facilitating instant
execution of client trades. The business manages this market risk
by internalising client flow (allowing clients' trades to offset
each other) and hedging when the residual exposures reach defined
limits. The Group's real-time market position-monitoring system
allows it to monitor its market exposure against its market risk
limits continuously. If exposures exceed pre-determined limits,
hedging is undertaken to bring the exposure back to the limit.
IG has a Market Risk Policy which sets out how the business
manages its market risk exposures. The Market Risk Policy
incorporates a methodology for setting market position limits,
consistent with the Group's risk appetite, for each financial
market in which the Group's clients can trade, as well as certain
groups of markets or assets which the business considers to be
correlated. These limits are determined with reference to the
expected liquidity and volatility of the underlying financial
product or asset class, and represent the maximum long and short
client exposure the Group will hold without hedging the net client
exposure.
The Group sets its market risk limits with the objective of
achieving the optimal trade-off between allowing clients' trades to
be internalised, the cost of hedging and the variability of daily
revenue. The Group seeks to manage its market risk so that its
trading revenue predominantly reflects client transaction fees net
of hedging costs, and is not driven by market risk gains or
losses.
The market risk that arises as a result of offering binary
contracts, options and guaranteed stops for clients is difficult or
not cost-effective to hedge, and there is often no direct
underlying market which can be utilised in setting the price which
the Group quotes. The Group normally undertakes no hedging for
these markets, but can hedge specific positions if considered
necessary. The Group aims to reduce the volatility of revenue from
these markets by offering a large number of different trading
opportunities, the results of which should, to some extent, offset
each other irrespective of the underlying market outcome.
The Group monitors its market risk exposures on a real-time
basis as well as through regular stress-testing and
scenario-testing to analyse the impact of potential stress events,
and takes action to reduce its risk exposures and those of its
clients as appropriate.
Credit risk (audited)
IG faces the risk that either a client or a financial
counterparty fails to meet their obligations to IG, resulting in a
financial loss.
As a result of offering leveraged trading products, IG accepts
that client credit losses can arise as a cost of its business
model. Client credit risk principally arises when a client's total
funds deposited with the Group are insufficient to cover any
trading losses incurred. In addition, a small number of clients are
granted credit limits to cover running losses on open trades and
margin requirements.
Client credit risk is managed through the application of the
firm's Client Credit Risk Policy.
The business sets margin requirements that reflect the market
price risk for each instrument, and uses tiered margining so that
larger positions are subject to proportionately higher margin
requirements. The business offers training and education to clients
covering all aspects of trading and risk management, which
encourages them to collateralise their accounts at an appropriate
level in excess of the minimum requirement. In addition to cash,
the Group also accepts collateral in the form of shares from
clients with a share dealing account.
The business further mitigates client credit risk through the
real-time monitoring of client positions via the close-out monitor
(COM), and by giving clients the ability to set a level at which an
individual deal will be closed (the 'stop' level or 'guaranteed
stop' level). We also require less experienced clients to use
limited risk accounts, while offering the option of a limited risk
account to all other clients.
The COM is an automated liquidation process which automatically
identifies accounts that have broken the liquidation threshold.
Where client losses are such that their total equity falls below
the specified liquidation level, positions will be liquidated,
resulting in reduced credit risk exposure for the Group.
Clients placing trades with guaranteed stop levels pay a small
premium in the event that the stop is triggered. With a guaranteed
stop, the maximum loss is known at the point of trade. The Group's
limited risk account combines this trade-by-trade protection with
the assurance that a client can never lose more than the total
amount of equity they hold in their account.
The COM, client-initiated 'stops' and limited risk accounts all
result in the transfer of an element of the market risk from the
client to the Group. This market risk arises following the closure
of a client position, as the Group (subject to the market risk
limits discussed above) may hold a corresponding hedging position
that will, assuming sufficient market liquidity, be unwound.
IG has significant financial exposure to a number of financial
institutions, owing to the placement of financial assets at banks
and the hedging of market risk in the wholesale markets, which
requires the Group to place margin with its hedging brokers.
Financial institution credit risk is managed through the
application of the Group's Counterparty Credit Management Policy.
Financial institution counterparties are subject to a credit review
when a new relationship is entered into, and this is updated
semi-annually (or more frequently as required, eg upon changes to
the financial institution's corporate structure). Proposed maximum
exposure limits for these financial institutions, reflecting their
credit rating and systemic position, are reviewed and approved by
the Executive Risk Committee.
The Group actively manages the credit exposure to each of its
broking counterparties, settling or recalling balances at each
broker on a daily basis in line with the collateral requirements.
As part of its management of concentration risk, the Group is also
committed to maintaining multiple brokers for each asset class.
The Group is responsible under various regulatory regimes for
the stewardship of client monies. These responsibilities include
the appointment of and periodic review of institutions with which
client money is deposited. The Group's general policy is that all
financial institution counterparties holding client money accounts
must have minimum short and long-term ratings of A-2 and A-
respectively, although in some operating jurisdictions where
accounts are maintained to provide local banking facilities for
clients, it can
be problematic to find a banking counterparty satisfying these
minimum ratings requirements. In such cases the Group may use a
locally systemically important institution. These criteria also
apply for the Group's own bank accounts held with financial
institutions.
In addition, the majority of deposits are made on an overnight
or breakable term basis which enables the Group to react
immediately to any deterioration in credit quality, and deposits of
an unbreakable nature or requiring notice are only held with a
subset of counterparties which have been approved by the Executive
Risk Committee.
Liquidity risk (audited)
Liquidity risk is the risk that the Group is unable to meet its
financial obligations as they fall due.
The Group's approach to managing liquidity is to ensure it has
sufficient liquidity to meet its broker margin requirements and
other financial liabilities when due, under both normal
circumstances and stressed conditions. These liquidity requirements
must be met from the Group's own liquidity resources, as client
money cannot be used for its operations.
The Group holds liquid assets to enable the funding of broker
margin requirements, to ensure that appropriate prudent margins and
buffers are held in segregated client money accounts in order to
fully protect clients' funds and assets to support the growth of
the business and its need for capital, and to maintain a liquid
assets buffer.
The Group manages its liquidity centrally, and key liquidity
decisions are discussed at the Executive Committee and Executive
Risk Committee.
The Group carries out an Individual Liquidity Adequacy
Assessment ('ILAA') each year, and while this applies specifically
to the Group's FCA-regulated entities, (as liquidity is centrally
managed through these entities), this process provides the context
for determining the mitigating actions that would be taken in the
event of stressed liquidity conditions for the whole Group.
The Group uses a number of measures for managing day-to-day
liquidity risk, including the level of total liquid assets of
same-day available cash and forecasted cash requirements.
The Group is required to fund margin payments to brokers on
demand. Broker margin requirements are driven by the gross hedging
positions held by the Group. The value of these positions and the
margin requirements are in turn driven by the number of active
clients, the level of client activity, the make-up of the total
client exposure, exchange rates, interest rates and the value of
instruments.
In addition to its liquid assets the Group mitigates its
liquidity risk through maintaining access to committed unsecured
bank facilities. The Group regularly stress-tests its liquidity
forecasts to validate the appropriate level of facilities it holds,
and draws down on the facility at least once during each year to
test the process for accessing that liquidity.
The Group produces detailed short-term liquidity forecasts and
stress-tests, such that appropriate management actions or liquidity
facility draw-down can occur prior to a period of expected
liquidity demands.
Capital adequacy risk
The Group seeks to ensure that it has sufficient capital to
operate its business successfully and to meet regulatory
requirements. The Group manages its capital resources with the
objectives of facilitating business growth, maintaining its
dividend policy and complying with the regulatory capital resources
requirement set by the FCA and other global regulators in
jurisdictions in which the Group's entities operate.
The Group undertakes an annual Internal Capital Adequacy
Assessment Process (ICAAP) through which it assesses its capital
requirements, including through a series of stress-testing
scenarios. The ICAAP document is reviewed and challenged by the
Executive Risk Committee and the Board Risk Committee and is then
reviewed, challenged and approved by the Board.
The firm monitors its capital resources and capital requirements
daily, calculating the credit and market risk requirements based on
the exposures at the end of each business day, to assess the total
capital requirement and available headroom. The firm maintains an
additional internal warning indicator threshold with its Board
performance reporting, and breaches, if any, would be escalated to
the Board with a recommendation for appropriate remedial
action.
IG operates a regulated business and is required to hold
sufficient regulatory capital at the Group level, as well as in
each individual regulated entity, to cover its risk exposures.
The Group is supervised on a consolidated basis by the UK's
Financial Conduct Authority (FCA). In addition to its two UK
FCA-regulated entities, the Group's operations in Australia, Japan,
Singapore, South Africa, United States, Switzerland and Dubai are
regulated on an entity basis. Individual capital requirements in
each regulated entity are taken into account when managing the
Group's capital resources.
Operational risk
Operational risk is defined as the risk of loss resulting from
inadequate or failed internal processes, people activities, systems
or external events. IG includes, within operational risk, the risk
that the Group is unable to attract and retain the staff it
requires to operate its business successfully.
IG recognises that operational risk arises in the execution of
all activities undertaken by the Group, and identifies and manages
operational risk in four categories: technology risk, people risk,
process risk and risk from external events.
The Group continues to develop its operational risk framework to
ensure visibility of risks and controls, clear accountability for
controls and escalation and reporting mechanisms, through which
risk events are identified and managed and appropriate action is
taken to improve controls.
The Group is rolling out its Risk and Control Self-Assessment
(RCSA) methodology, focused on areas of the business identified as
a priority, and has introduced a new operational risk event
self-reporting process which provides increased visibility over
events and control actions to be taken, which are monitored through
a consolidated Control Action List.
Technology risk
IG is heavily dependent on technology to supply its service to
clients and to run its internal processes. Technology risk is
managed through the Group's Technology Risk Management Framework,
and is overseen by the Group's Technology Risk Committee. The Group
seeks to manage system outage risk through processes for
prevention, including capacity assessment and management of single
points of failure, processes for detection of emerging system or
application hotspots using real-time monitoring systems, and
processes for correction with a well-established incident
management process embedded in the Group.
Information security is managed by a dedicated information
security team. The threat of attacks from outside the Group, such
as DDoS and hacking, are managed through several layers of control
to provide in-depth defence, including volumetric scrubbing,
multiple firewalls, an intrusion detection system and anti-virus
scanners to block incoming emails containing malware. The Group
undertakes regular penetration tests to detect vulnerabilities, and
receives intelligence on emerging threats from an external
organisation. Information security risks from inside the Group,
such as virus outbreaks and data loss, are managed through several
layers of controls, including data loss prevention controls to
detect leakage of sensitive data and the application of network
policies, end-point protection and proxy servers.
People risk
IG is dependent upon attracting and retaining the staff it
requires to operate its business successfully, and has an
established HR management framework with processes and controls to
manage that risk.
The Group's people strategy has four themes: clarity and
measurement, focused on creating clear policies and measurement to
shape and track how people are performing; performance and reward,
to ensure that people are motivated to deliver high performance;
talent and growth, to enable individuals to develop to their full
potential; and working environment, to enable teams and the Group
as a whole to operate in a constructive and collaborative way.
The Group operates a clear set of controls and a range of
indicators to manage, monitor and mitigate people risk. This
includes an annual employee engagement survey, performance
check-ins, measurement and analysis of employee turnover, talent
identification, succession and development planning and internal
recruitment. New employees are subject to pre-work checks.
The Group has undertaken a significant programme of work to
develop and communicate the Group's vision and values that is
intended to promote a cohesive, positive and progressive culture to
support the delivery of the Group's business objectives.
Within people risk, the Group also identifies the risk of loss
intentionally or unintentionally caused by an employee, such as
employee error and employee misdeeds, issues relating to
employment, including disputes, and risks relating to employment
law, health and safety and HR practices. If policies are breached,
or employees behave inappropriately, the Group has a disciplinary
framework to address and resolve issues.
Process risk
The Group faces risks related to the design, execution and
maintenance of key processes, including process governance, clarity
of roles, process design and execution. Process risk also includes
record-keeping failures, regulatory compliance failures and
reporting failures.
Management are responsible for implementing an appropriate
control framework and ensuring that all staff are aware of their
responsibilities. It does this through the maintenance of policy
and procedure documents, training, risk and control
self-assessments that identify key controls and highlight areas for
improvement, and the production and review of appropriate
management information.
Financial reporting risk is managed by the finance function. The
Audit Committee receives papers and presentations from both finance
management and External Auditors to allow the Committee to assess
the integrity of financial reporting, and to conclude whether the
presentation of financial information
externally, including through the Annual Report, is fair,
balanced and understandable.
Regulatory compliance and record-keeping risk is managed by the
compliance function. Compliance keeps an up-to-date understanding
of regulatory requirements and maintains policies to ensure that IG
continues to comply with its regulatory obligations, including AML
and KYC, account opening and client on-boarding, PEP and sanctions,
gifts and hospitality and conflicts of interest. The established
compliance monitoring programme is designed to, among other
matters, detect any failure of the Group to comply with its
regulatory obligations.
External events risk
The Group faces the risk of loss as a result of damage to
physical and non-physical property or assets, or the inability to
access property or operate its business arising from natural or
non-natural external causes.
The protection of property and other assets from external events
is managed through a mix of risk avoidance, risk mitigation,
operational controls and risk transfer mechanisms. The Group has
well-developed security, business continuity and disaster recovery
procedures in place, commensurate with the scale and nature of the
operations it has in particular locations. The Group's key
operational hubs are supported by appropriate disaster-recovery
facilities.
The Group has a global insurance programme in place to cover a
number of insurable risks, and reviews this programme annually.
Conduct risk
IG recognises and manages the risk that the Group's conduct may
pose to the achievement of fair outcomes for consumers, or to the
sound, stable, resilient and transparent operation of the financial
markets. The Group has implemented a conduct risk strategy that
aims to analyse the conduct risks that may arise, and sets out how
those risks are managed and mitigated. It also sets out specific
controls used to manage conduct risk. The Group seeks to ensure
that all employees are aware of the importance of managing conduct
risk through programme conduct risk training and awareness.
The Group manages and monitors the risk of clients failing to
understand the functionality of our products and suffering poor
outcomes. The Group recognises that some of its products are not
appropriate for some consumers and operates a process to identify
potential new clients for whom the product may not be appropriate.
The Group supports clients with education and training, and offers
account types that limit a customer's risk. Such accounts are
mandatory for less experienced and less wealthy clients. Client
outcomes are monitored and reported to the Board.
The Group recognises the risk of causing poor market outcomes if
proper controls are not in place, for example, to detect instances
of market abuse which must then be reported on. Clients may also
attempt to use IG to commit fraud or launder money, and the Group
has designed its systems, controls and monitoring programmes to
mitigate and detect such issues.
The Group recognises the risk that the actions of its staff can
result in poor outcomes for clients, or the financial markets. The
Group seeks to ensure that its staff are appropriately trained,
managed and incentivised to ensure that their behaviour and
activities do not inadvertently result in poor outcomes for clients
or the markets.
The compliance function operates a compliance monitoring
programme and a series of 'deep dive' reviews to assess conduct
risk in specific areas or processes. The Group also reviews
remuneration policies and incentive schemes to ensure that they are
appropriate and conducive to good conduct by staff.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The following responsibility statement is extracted from the
Statement of Directors' Responsibilities on page 95 of the Annual
Report and is repeated here solely for the purpose of complying
with DTR 6.3.5. The statement relates to the full Annual Report and
not the extracted information presented in this announcement or the
Full Year Results announcement.
The Directors are responsible for preparing the Annual Report
and the Financial Statements in accordance with applicable law and
regulation.
Company law requires the Directors to prepare Financial
Statements for each financial year. Under that law, the Directors
have prepared the Group and Company Financial Statements in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the European Union.
Under company law, the Directors must not approve the Financial
Statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and the Company, and of
the profit or loss of the Group and Company for that period. In
preparing these Financial Statements, the Directors are required
to:
-- Select suitable accounting policies and apply them consistently
-- State whether applicable IFRSs as adopted by the European
Union have been followed, subject to any material departures
disclosed and explained in the Financial Statements
-- Make judgments and accounting estimates that are reasonable and prudent
-- Prepare the Financial Statements on a going-concern basis,
unless it is inappropriate to presume that the Group and the
Company will continue in business
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group and
Company's transactions, and to disclose with reasonable accuracy at
any time the financial position of the Group and Company and enable
them to ensure that the Financial Statements and the Directors'
Remuneration Report comply with the Companies Act 2006 and, as
regards the Group Financial Statements, Article 4 of the IAS
Regulation.
The Directors are also responsible for safeguarding the assets
of the Group and Company, and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the Company's website. Legislation in the United Kingdom
governing the preparation and dissemination of Financial Statements
may differ from legislation in other jurisdictions.
The Directors consider that the Annual Report and Accounts,
taken as a whole, is fair, balanced and understandable and provides
the information necessary for shareholders to assess the Group and
Company's performance, business model and strategy.
Each of the Directors, whose names and functions are listed in
the Corporate Governance Report, confirms that, to the best of
their knowledge:
-- The Group and Company Financial Statements, which have been
prepared in accordance with IFRSs as adopted by the European Union,
give a true and fair view of the assets, liabilities, financial
position and profit of the Group and profit of the Company
-- The Directors' Report includes a fair review of the
development and performance of the business and the position of the
Group and Company, together with a description of the principal
risks and uncertainties that it faces
In the case of each Director in office at the date the
Directors' Report is approved:
-- So far as the Director is aware, there is no relevant audit
information of which the Group and Company's Auditors are
unaware
-- They have taken all the steps that they ought to have taken
as a Director in order to make themselves aware of any relevant
audit information and to establish that the Group and Company's
Auditors are aware of that information.
On behalf of the Board
Peter Hetherington
Chief Executive Officer
18 July 2017
End
For further information, please contact:
IG Group
Kieran McKinney
Director of Investor Relations and Corporate Affairs 020 7573 0026
FTI
Neil Doyle / Ed Berry 020 3727 1141 / 1046
About IG
IG empowers informed, decisive, adventurous people to access
opportunities in over 15,000 financial markets. With a strong focus
on innovation and technology, the company puts client needs at the
heart of everything it does.
IG's vision is to be a global leader in retail trading and
investments. Established in 1974 as the world's first financial
spread betting firm, it continued leading the way by launching the
world's first online and iPhone trading services.
IG is now an award-winning, multi-platform trading company, the
world's No.1 provider of CFDs* and a global leader in forex. It
provides leveraged services with the option of limited-risk
guarantees, and offers an execution-only share dealing service in
the UK, Australia, Germany, France, Ireland, Austria and the
Netherlands. IG has recently launched a range of affordable, fully
managed investment portfolios, to provide a comprehensive offering
to investors and active traders.
It is a member of the FTSE 250, with offices across Europe,
including a Swiss bank, Africa, Asia-Pacific, the Middle East and
the US, where it offers on-exchange limited risk derivatives via
the Nadex brand.
*Based on revenue excluding FX (from published financial
statements, October 2016).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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