IG Index revenue soars 24% as retail traders pile in to volatile markets
The company said revenue in the three months to August was £106 million ($ million), 24% up on the previous year.
The number of active clients surged 18% on the back of the market turmoil.
The news was full of the financial problems of China and Greece, leading people to see trading opportunities in the markets.
Here's what IG said (emphasis ours):
In what is traditionally a relatively quiet period for the business, the financial markets presented a range of trading opportunities for clients, responding to news flow, including around the Greek eurozone membership debate and the current state of the Chinese economy.
August was the key month. The Chinese central bank suddenly devalued its currency, then fought to support it using up its reserves, sending shockwaves around the currency and commodities markets.
Then, on Monday Aug. 24., panic spread as Chinese stock markets plunged around 8%. It was scary enough to turn hardened traders to hypnosis.
But it seems this was the exact moment people picked to dive in and have a flutter. IG said "client levels activity levels were at their highest during the second half of August."
Here's what those market conditions looked like:
