March 27, 2018 / 8:04 AM / 8 months ago

BRIEF-IG Group Warns On FY19 Revenue After ESMA,FCA Announcement

March 27 (Reuters) - IG Group Holdings Plc:

* ‍RESPONSE TO ESMA AND FCA ANNOUNCEMENTS​

* ‍SUPPORTS ESMA IN ITS EFFORTS TO ENHANCE CONSUMER PROTECTION​

* “IG IS DISAPPOINTED THAT ESMA HAS CHOSEN TO PROCEED WITH ITS PROPOSAL TO IMPOSE DISPROPORTIONATE LEVERAGE RESTRICTIONS”

* IG GROUP- ‍MEASURES ANNOUNCED BY ESMA ONLY RELATE TO RETAIL CLIENTS. IG’S CLIENT BASE IS, AND HAS ALWAYS BEEN, DOMINATED BY SOPHISTICATED TRADERS​

* BELIEVES THAT CLIENTS WHO GENERATE OVER HALF OF ITS CURRENT UK AND EU REVENUE WILL BE CLASSIFIED AS ELECTIVE PROFESSIONAL.

* ‍DOES NOT BELIEVE THERE WILL BE ANY FINANCIAL IMPACT FROM IMPLEMENTATION OF MEASURES IN CURRENT FINANCIAL YEAR, FY18​

* EXPECTS THAT ITS REVENUE IN FY19 WILL BE LOWER THAN THAT EXPECTED IN FY18, PRIMARILY REFLECTING IMPACT OF REGULATORY CHANGES IN UK AND EU​

* “DEMAND FOR PRODUCTS AND SERVICES OFFERED BY IG IS STRONG, AND GROWING AND COMPANY EXPECTS TO RETURN TO GROWTH AFTER FY19” Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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