IG Group to sell two trading platforms for $216 million
(Reuters) – Online trading platform IG Group said on Wednesday it was planning to sell its short-term options trading platform NADEX and crypto stock exchange Small Exchange for $216 million to Crypto.com’s Forix Dax Markets.
The sale of its North American Derivatives Exchange Inc (NADEX) and Small Exchange, in which the group owns a nearly 39% stake, will not impact its annual profit, IG Group said, adding that it expects to close the deal in the first half of 2022.
“This deal also allows us to further sharpen our focus on integrating and expanding the U.S. options and futures business through our tastytrade and tastyworks franchises, both in the United States and internationally,” said CEO June Felix.
Felix added that she sees significant room for growth in tastytrade and tastyworks, the U.S. online brokerage and trading education platforms that IG Group bought earlier this year.
The London-listed company had withdrawn a number of its riskier equities products earlier this year after a craze of stock market bets by small U.S. investors triggered huge swings in some share prices.
(Reporting by Sinchita Mitra in Bengaluru; Editing by Arun Koyyur and Uttaresh.V)