Brokers News

IG offers Snapchat CFD as grey market trading ahead of eventual March IPO

IG, one of the largest forex, CFD and spread betting (UK only) brokers, announced it is launching CFD trading and spread betting on the eventual IPO of the technology company Snap Inc. that stands behind the Snapchat mobile application. For the time being, trading will be done in a grey market, available in the ‘popular markets’ watchlist.

 
The trade will be settled based on the official closing price of the first day of trading, as reported by Bloomberg, IG says.
 
In a message to its clients IG notes previous grey markets like Royal Mail and Facebook have been very popular among clients. 
 
“Historically IG’s grey markets have been solid indicators of where companies official launch prices will end up,” said Chris Beauchamp, IG Chief Market Analyst. “Snap is one of the biggest and most anticipated US tech IPOs for years, with the potential to rival the excitement witnessed when Facebook and Twitter went public.” 
 
Snapchat is an image messaging and multimedia mobile application that launched in 2011. Earlier this month the parent company Snap Inc. announced its plan to raise $3 billion in an IPO, rumored to take place in March on the NYSE. 
 
Some analysts and media note that this would be the biggest US-listed tech IPOs ever and expect that the company's valuation could reach $25 billion. Others are less enthusiastic and note that Snapchat has to convince investors that it can attract users outside the millennial demographic that is already using it anyway and how it plans to increase its revenue. 
 
The latest Snapchat financial report revealed that in the last quarter of 2016 the app had an average of 158 million daily active users. In 2016 the company had a revenue of $404.5 million, up from $58.7 million in 2015. Net loss, however, also grew in 2016 and reached $514.6 million. 
 
IG Group was established more than 40 years ago and was the first financial services provider in the UK to launch spread betting. It also offers trading in forex, CFDs, stocks, bonds and cryptocurrencies like Bitcoin. 
 
IG is regulated by UK’s Financial Conduct Authority (FCA), but its subsidiaries are also regulated by the relevant authorities in the countries where they operate (Australia, Japan, South Africa, UAE and Singapore). Besides, IG is listed on the LSE, and is a member of the FTSE 250.  
 
 
TAGS: ig  snapchat  ipo  cfd  spread betting  grey market 

More news about IG

Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
US, UK, Australia CFTC/NFA, FCA, ASIC MT4, Web,
Mirror Trader,
Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA MT4, Web,
ProRealTime,
2Dealer
$1 Review Website
UK, Cyprus FCA, CySec MT4 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5, Web,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Seychelles FinaCom MT4 $10 Review Website
UK, Bulgaria FCA, FSC Web $150 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySEC MT4, MT5 $300 Review Website
New Zealand FMA MT4 $1000 Review Website
Belize IFSC MT4, Web $500 Review Website

More Forex Brokers News

FxChoice launches new economic calendar

Feb 22 2017 08:57:02

In a notice to its clients, forex broker FX Choice announced the launch of live and automatically updated economic calendar. This calendar simplifies finding market moving news and makes it easier for clients to take informed trading decisions. Read more

FXCM changes name to Global Brokerage

Feb 21 2017 12:54:05

FXCM, a top global broker that recently got in big trouble with the US regulators and subsequently withdrew from the US forex market, selling its clients to Gain Capital, announced it is changing its name to Global Brokerage Inc.    Respectively, the ticker also changes – to GLBR. Read more

FXTM teams up with Sahara Force India F1 racing team

Feb 21 2017 09:10:11

Global broker FXTM announced it has entered into partnership with the Sahara Force India Formula One racing team and has become its “Official Forex Partner” for the 2017 F1 season. Read more

Fibo Group launches trading account with gold as a base currency

Feb 17 2017 09:38:07

Forex brokerage Fibo Group has added yet another option to its extensive offerings: its clients can now choose gold (GLD) as a base currency for their MT4 accounts. Read more

FXCM’s Jan metrics: trading volumes up 18% MoM, US operations making up less than 20%

Feb 15 2017 14:42:05

Major forex broker FXCM (NASDAQ:FXCM) reported its trading metrics for January. Read more

Client feedback is driving the development of IG’s new web platform

Feb 15 2017 09:05:36

In a note to its clients, IG, one of the largest forex, CFD and spread betting providers, announced some key features of its new web platform, as well as tools which are currently in development. Read more

FXCM pays $650 K CFTC fine for 2015 undercapitalization

Feb 14 2017 13:13:17

FXCM's woes see no end. After last week's shocking regulatory actions against it that forced it to exit the US forex market, where it was the leader, this week the broker took action to resolve another old regulatory issue and pay a $650 000 fine. Read more

FXCM expects its US exit to trigger international growth

Feb 13 2017 10:10:07

A couple of days after the news about FXCM [NASDAQ:FXCM] leaving US forex market and selling its client base to peer Gain Capital broke, the top forex broker announced key metrics for the nine months, ended 30 September, 2016. According to the data disclosed, FXCM generated a net loss of $13. Read more

Forex.com reports 40% annual drop in January volumes

Feb 13 2017 09:06:16

Forex.com, the OTC retail forex brand of the US brokerage Gain Capital, has posted a 40.1% drop of its average daily volume in January 2017, compared to last January. According to the company report, it amounted to $9. Read more

Gain Capital to pay up to $500 for each FXCM client, conditions apply

Feb 10 2017 08:49:12

Following the regulatory penalties and dramatic exit of the largest US forex broker FXCM from the country and the subsequent announcement that Gain Capital is buying off FXCM's retail forex clients, new details are emerging about the deal. Read more