IG GROUP ACQUIRES ISLE OF MAN SPREADBETTING ASSETS
31 July 2009
Software and BetsForTraders.com domain name
acquired
The news earlier this week that financial spreadbetting
has surged, with a 134 percent increase in the number of
trades (see previous InfoPowa report) has been followed
by reports from the Isle of Man that the UK-based
spreadbetting company IG Group has acquired software and
domain assets for Bets For Traders.com, owned by the IoM
company Trinitas Capital Limited.
According to a
UK Wealth Management Industry report produced by
research firm ComPeer, there has been a dramatic
increase in the number of spread betting accounts
opened. The total grew by almost two and a half times
from 7 427 at the end of 2007 to 18 012 a year later. At
the beginning of 2006 there were fewer than 1 500
accounts.
Trinitas has additionally disposed of
its financial betting interests in a sale to fixed odds
financial betting group Regent Markets, which also owns
Bet On Markets.com.
In the IG Group deal, the
purchasing company apparently intends to revamp the
software to enable its use on IG's global platforms,
enhancing existing facilities.
Commenting on the
sale, Nick Maughan, CEO for Trinitas said: “We are
delighted to be selling this software to IG Group and
look forward to working with it to ensure that its
clients benefit from the latest in real-time pricing and
execution on non-standardised products.
“This
transaction is part of a broader restructuring as our
group companies move away from non-core activity and
expand the focus on market-making and financial software
service provision.”
IG Group's COO, Peter
Hetherington, said: “The team at Trinitas has developed
an innovative approach to dealing on financial markets.
IG Group is very pleased to be acquiring its software
which, with additional development, will allow us to
further strengthen our wide range of products.”
Online Casino News Courtesy of
Infopowa
More news here.
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