Johan Wiese replaces Richard as director of IG South Africa

abdelaziz Fathi

IG Group, Europe’s largest online trading platform, has relocated its Finance Chief Operating Officer (COO) Johan Wiese to join its South Africa business as a director.

The move is apparently part of a series of changes to IG Markets South Africa’s (IGMSA) management structure as he takes over from its current director Richard Heading, a filing with the UK Companies House shows.

Wiese has been with IG Group since 2009, having held many finance roles during his 14-year stint. His promotion comes at a time when IG aims to expand its regulatory footprint in South Africa.

IG Markets South Africa Limited is part of Europe’s largest Online Trading provider, IG Group. While the company is authorised by the FSCA (FSP. No 41393) to provide execution only services, IG South Africa’s CFDs products are not regulated as they are undertaken on a principal-to-principal basis. Instead, CFDs issued by IG Markets South Africa are regulated by the Financial Markets Act.

According to the FSCA, IG Markets has applied in June 2019 to expand the scope of its authorisation and in order to operate as an OTC derivative provider (ODP). However, the application was dismissed by the nation’s watchdog. The regulator’s disapproval has promoted IG’s South African branch to appeal the decision before the Tribunal.

For existing clients, the South Africa-based broker was permitted to offer them CFDs and similar products, but they should be informed about rendering the service under this exemption.

Additionally, IG Markets is obliged to provide the authority with a list of its existing clients and disclose certain operational metrics such as their trading exposure and the levels of capital it reserves to offset relevant risks.

Forex brokers in South Africa are overseen by the financial sector conduct authority, which approves the firms that can operate within the jurisdiction. The FSCA handles the issuance of licenses and can sanction companies that violate guidelines of the nation’s dual regulation system.

South Africa enjoys a strong and well-organized financial market and therefore has become a popular destination for brokers looking to expand. It is one of the world’s top ten capital markets and boasts thousands of investors. The country itself is a diverse market that is largely devoid of the market saturation seen in other jurisdictions such as Europe.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<