LONDON, UK: IG Group Holdings has proposed sale of North American Derivatives Exchange Inc. (Nadex) and Small Exchange Inc. to Foris DAX Markets Inc., part of the group of companies trading as crypto.com. IG Group owns approximately 39% in Small Exchange.
The proposed sale is a cash transaction with an approximate, aggregate price for the IG shareholdings in both companies of $216 million.
The closing of the transaction is expected to be in the first half of 2022, subject to the satisfaction of customary conditions, including regulatory review.
This transaction does not materially impact full-year adjusted operating profit expectations nor the medium-term revenue growth guidance for High Potential Markets previously provided in July 2021.
“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. This deal also allows us to further sharpen our focus on integrating and expanding the US options and futures business through our tastytrade and tastyworks franchises, both in the US and internationally, where we see significant room for growth,” said June Felix, CEO, IG Group.
North American Derivatives Exchange (Nadex) is a US derivatives exchange for binary options, call spreads, and knock-outs. It provides access to opportunities across global financial markets, including US and international indices, major forex pairs, commodities and economic events. Nadex is regulated by the Commodity Futures Trading Commission (CFTC).
Small Exchange Inc. is a CFTC approved US futures exchange which was founded in January 2019 and opened for trading on June 1, 2020. Small Exchange offers small, standardised futures products on a range of underlying products to simplify access to the futures markets.
Founded in 2016, Crypto.com today serves over 10 million customers with the world’s fastest growing crypto app, along with the Crypto.com Exchange and Crypto.com DeFi Wallet.
Crypto.com NFT is the premier platform for collecting and trading NFTs, carefully curated from the worlds of art, design, entertainment and sports. www.crypto.com