Wednesday, February 13 14:43:15
Retail financial derivatives trading company, the IG Group, today said that it is to open an operation in Ireland.
The company already has thousands of Irish clients and believes it currently has between 10-20pc of the Irish market and intends to grow this share, it said.
The [retail] financial trading market in Ireland is currently estimated to be worth in the region of E20 million.
IG's clients in January traded the comparative equivalent of approximately 7pc the entire volume of trades executed on The Irish Stock Exchange in the same month.
IG says it believes that establishing an office in Ireland will enable it to grow its market share significantly, increasing Irish client related activity and hopes that the Irish clients could account for more than 10pc of the comparative ISE trade volumes within 2013.
IG Group is a FTSE 250 member, with 140,000 clients in more than 130 countries and a market capitalisation of stg£1.7 billion (as at 31st May 2012).
The Group is headquartered in London, with offices across Europe, as well as in the US, South Africa, Japan, Singapore and Australia.
IG has invested heavily in its online trading platform which is considered the market leader in the sector.
The new operation will be based at 72 Charlemont Street in Dublin and will consist initially of a team of four-six people led by Irish Managing Director, Declan Bourke. It is anticipated it will grow the local Irish team further in the short term.
IG, Chief Executive Officer, Tim Howkins said: "IG has a long tradition and wealth of experience in financial trading and we are pleased to be growing our international reach in establishing a presence in Ireland. Our wide range of products and technical innovation is the cornerstone of our offering and Irish traders will now have improved access to the IG offering. We target new markets where we believe there is a long term market opportunity for our business".
Declan Bourke, Managing Director, Ireland said: "Irish financial traders will now have better access to IG's products and innovations. Our new office in Dublin will also contain some interesting new features such as a dedicated client trading area and regular client workshops and seminars. We are also committed to engaging with all clients outside Dublin and will be arranging a series of events throughout the country in the next few months."