IG Group has completed the sale of North American Derivatives Exchange (Nadex) business and 39% stake in Small Exchange to Foris DAX Markets, part of the group of companies trading as Crypto.com, for $216.0m (£162.6m/€194.6m).
Agreed in December last year, binary options and forex trading business IG Group said that the deal represents a significant return on investments made in Nadex and Small Exchange and will enable additional investment across its business.
Nadex is a US derivatives exchange for binary options, call spreads and knock-outs, offering users access to global financial markets, forex pairs, commodities and economic events. The exchange is regulated by the Commodity Futures Trading Commission (CFTC).
Small Exchange, also approved by the CTFC, is a US-facing futures exchange offering small, standardised futures products on a range of underlying products to simplify access to the futures markets.
Crypto.com was founded in 2016 and serves more than 10 million customers around the world via its Crypto.com Exchange and Crypto.com DeFi Wallet.
“We’re really excited by this deal, as it delivers a significant return on the previous investments made in Nadex and Small Exchange and enables additional investment across all our businesses,” IG Group chief executive June Felix said at the time of the original announcement in December.
Completion of the deal comes after IG Group Holdings in January reported record revenue and profit for the first six months of its financial year, ending on 30 November 2021.
Revenue for the year amounted to £471.9m, up 16% from the corresponding period the previous year.
