IG Group is undergoing a massive reshuffling as its subsidiaries, NADEX and Daily FX gets new CEO. The company has been trying to evolve in recent years, as it tries to make its way back to the US market.
Yesterday, CEO of the NADEX Tim McDermott was sacked as Ian Peacock replaces him and becomes the CEO of IG group in the USA. Ian Peacock is not a new face in the industry. He attended the London business school before taking up a top position with Credit Agricole, a CEO post which he held for nine years. He has also worked in various capacities in the IG group before his current appointment.
Second coming for IG Group
IG group left the US market in 2011 after the US government enacted a reform that required registering companies to have a minimum capital requirement of $20 million. As at that time, there were various structural changes within the US market. IG Group was among the companies that left the US market then.
Two years ago, the IG group planned to re-enter the US market when competition on electronically traded instruments was relatively fair. In January this year, the company re-established itself in Chicago, the place where it all started for IG in their first stint in the US.
According to the company, it desires to make FX trading a bigger and better business in the US with more players in the industry. The company is seriously backing the statement with some overhauling and changes. It has already created a new website, and there is excitement as the financial public is already expecting some positive changes within the industry.
IG not fazed by the competition
IG believed that the competition for its retail FX is still low, as there are only three providers of similar service at the moment. It stated that its second sojourn in the US is more likely to succeed because of the excellent plans it has underway. Besides, there is the advantage of lead generation its DailyFX website provides.
Just November last year, FX publications registered as Introducing Broker (IB), Forex Firm, and NFA member. This is an insight into the seriousness of the company to effectively serve the highly analytical US market.
IG Group is a big company with its own retail stock trading portal. With its expertise and reputation in the industry, it intends to give other competitors a run for their money. IG’s main competitors are no pushovers. Companies like GAIN Capital and OANDA are top players in the market. But with IG’s stability and wealth of experience in the industry, the company intends to stand firm ahead of the competition this time.
And that’s the reason behind the recent reshuffling or corporate heads and top employees in the company and its subsidiaries. It is the plan to reorganize and re-strategize the business focus of the company, according to top executives. The company has set things in motion. The US division of the company has taken charge of DailyFX and NADEX, according to a close source. From this perspective, obviously, things are brewing within the IG camp.
The current changes going on at IG is a pointer that the company intends to re-establish itself once more in the US market.