Tighter rules hammer IG Group's annual profit

FILE PHOTO: Dealers work on the IG Group trading floor in London, Britain June 30, 2015. REUTERS/Neil Hall - Copyright Neil Hall(Reuters)

By Reuters

Published on 23/07/2019 - 08:34•Updated 19/04/2024 - 08:57

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(Reuters) - Online trading platform IG Group Holdings <IGG.L> on Tuesday reported a slump of almost a third in its earnings for the year, hurt by Europe's clampdown on the provision of access to high-stakes financial betting to amateur traders.

The mid-cap company, which allows individuals and other non-institutional retail investors to bet on stock, currency and oil market moves, said pretax profit plummeted 31% to 194.3 million pounds for the 12 months ended May 31.