IG’s Daily FX obtains registrations as NFA member, Forex firm, Introducing Broker

In line with FinanceFeeds’ earlier report that Daily FX, a part of online trading major IG Group, is seeking a raft of regulatory approvals in the United States, the latest data from the BASIC system of the National Futures Association (NFA) shows that the company has managed to secure the registrations it applied for.

Effective November 30, 2018, FX Publications Inc, doing business as Daily FX, is registered as NFA Member, Forex Firm, and Introducing Broker. IB is guaranteed by IG US LLC.

The list of principals includes:

• IG US Holdings Inc;
• David William Joseph (Head of Business Unit, Division or Function);
• Nancy Elisa Robles (CEO);
• Ronald Lee Wetzel (CFO).

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.