IG Group to Take Over the Small Exchange From Foris Dax Markets

IG Group, a global online trading company providing CFDs and Forex, announced yesterday that it had entered into an agreement with Foris DAX Markets, Inc., the parent company of Crypto.com, to acquire the Chicago based Small Exchange.

Powered by a proprietary trade matching engine, the Small Exchange is a registered Designated Contract Market (DCM) with the Commodity Futures Trading Commission (CFTC). The exchange has built a first-rate trading system, risk-monitoring system and matching engine. It was acquired by Foris DAX Markets in March 2022.

Previously, IG Group held a stake in the Small Exchange. Through the acquisition, the brokerage will further expand its range of products and services available to retail investors and traders in the US, and avail itself of the Small Exchange’s trading technology.

"We're excited to have had the opportunity to reacquire the Small Exchange," said Tom Sosnoff, Founder, tastylive, a brand owned by IG Group. "The future of market structure in the US depends heavily on product innovation at the exchange level, and I’m confident we can build an exchange that will scale and become a market leader over the next decade."

Last month, Fazzaco reported that IG Group has generated total revenue of £758.4 million for the third quarter of the financial year ending 31 May 2023​ (FY23), increasing 5 percent from Q3 FY22's £722.7 million. This was mainly contributed to the significant growth in interest income.