Finance Feeds logo

IG’s Daily FX applies for Forex firm, NFA member registrations

Maria Nikolova

FX Publications Inc, doing business as Daily FX, has applied for registrations as a US Forex firm, Introducing Broker and NFA member.

Further to FinanceFeeds’ report about IG US LLC getting registered as Retail Foreign Exchange Dealer (RFED), and Introducing Broker, it appears that IG Group continues to build its presence in the United States.

FinanceFeeds’ research has indicated that another of IG Group’s entities – Daily FX, is seeking a raft of regulatory approvals in the United States. The National Futures Association (NFA) database shows that FX Publications Inc, doing business as Daily FX, has applied for:

  • Forex Firm;
  • Introducing Broker;
  • NFA Member.

The status of the application, effective October 25, 2018, is pending.

David William Joseph is listed as head of a business unit, whereas Nancy Elisa Robles is listed as Chief Executive Officer. IG US Holdings Inc is a principal of FX Publications Inc.

Source: NFA BASIC.

Let’s recall that, on October 15, 2018, IG US LLC was officially registered as Retail Foreign Exchange Dealer (RFED), and Introducing Broker. It has been approved as Forex Dealer Member, Forex Firm and NFA Member.

IG Group has indicated its interest in the US OTC FX market, where it believes the market is currently underserved. IG filed its licence application at the end of November 2017 to establish a new subsidiary based in Chicago. In July this year, IG said it had completed hiring for key roles. The Company said back then it expected to launch this business in the first half of FY19.

There are just a handful of retail FX brokers currently offering their services in the US retail FX market – GAIN Capital and OANDA are some examples. The exit of FXCM from the US following the regulatory action against the company in early 2017 and the settlements with the regulators have significantly changed the retail Forex landscape in the US, making it attractive for new market participants. FinanceFeeds will be keeping an eye on how the situation develops.

Subscribe

Read this next

Chainwire

Kadena Announces Annelise Osborne as Chief Business Officer

Kadena, the only scalable Layer-1 Proof-of-Work blockchain, expands its leadership team by onboarding Annelise Osborne as Kadena’s new Chief Business Officer (CBO).

Image of a woman with the citate
Fintech

TNS brings full-stack market data management to EMEA

“We are also delighted to have Ben Myers join our London-based TNS Financial Markets team as Head of Strategic Sales for EMEA, to bolster our presence in the region.”

Chainwire

Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Symbol of Ramp network
Executive Moves

INFINOX hires Mayne Ayliffe as Global Head of HR

“I look forward to working with our teams around the world to develop a strategic HR agenda that supports high performance and is centred on human motivation.”

Mayne Ayliffe joins INFINOX
Fintech

Sterling to provide risk and margin support for fixed income

“Firms must have the tools to effectively manage their risk across all asset classes. As yields rise, we see more exposure from clients in the fixed income space. We understand their need to measure and mitigate risk in a highly regulated environment.”

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Journalists interviewing a man with blue and red microphone
<
✖