IG Group Winds Down Cypriot Entity BrightPool

IG Group is in the process of returning the license for its Cyprus-based entity BrightPool, which had been regulated by the Cyprus Securities and Exchange Commission (CySEC). BrightPool was originally established in 2016 to act as a market maker for Spectrum Markets, IG's German-based derivatives trading venue.

However, Spectrum was shut down at the end of 2023 after being deemed not to have achieved sufficient growth. A notice from both BrightPool and CySEC confirms that the wind-down began in May and is expected to take about six months. BrightPool ceased securities trading activities in June.

The future of IG's operations in Cyprus remains uncertain. The company continues to employ staff in the country, some directly and others through contractual arrangements, but it has not yet clarified whether the office will be retained after BrightPool's license is surrendered.