IG Group Holdings plc:”Black Thursday” events update
IG Group Holdings plc (“the Group”), a global leader in online trading, today announces the outcome of a client case at the Financial Ombudsman Service (FOS) in the UK in relation to the events surrounding the Swiss franc on 15 January 2015. The FOS agreed that IG acted in accordance with the terms and conditions of its Client Agreement and that it complied with its duties of best execution and acted fairly in the way it processed client orders.
However, the FOS found that a different contract fill level, beneficial to the client in this case, would have been more reflective of the underlying market liquidity, in what were unprecedented market circumstances. In the interest of bringing this matter to a conclusion, IG has accepted the FOS determination. Therefore, it has adjusted the client account in this specific case and is choosing to proactively apply the same beneficial finding to all other affected client accounts.
The additional financial impact to the Group is around £1 million.
Source: London Stock Exchange – IG Group Holdings plc:”Black Thursday” events update
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