IG Markets Launches in New Zealand20th October 2009 7:48 am GMT
Continuing its expansion in the Asia-Pacific region, IG Group plc has launched IG Markets in New Zealand, providing New Zealand traders a Direct Market Access platform to trade directly into international exchanges.
IG's Direct Market Access (DMA) platform enables users to trade in more than 7,000 global share Contracts for Difference (CFDs) with transparent pricing in locally denominated contracts, as well as over 60 FX pairs.
"Entering this market is a logical next step for IG's expansion in the Asia-Pacific region," said Tamas Szabo, Chief Executive of , IG Markets Australia and New Zealand.
"A share ownership study conducted by the New Zealand Stock Exchange in 2000 indicated that 30% of New Zealanders aged over 18 directly owned shares. To this point in time, our market research has indicated that there has been a distinct lack of competition within the CFD and FX industry in New Zealand, so we are thrilled to enter the market and give traders greater choice and value."
IG Markets will offer New Zealand traders over 60 FX pairs with spreads on the NZD/EUR, AUD/USD and EUR/USD, as well as New Zealand dollar denominated CFDs, making IG the first of such contracts.
"Trading international markets in New Zealand dollars gives investors some helpful advantages," added Szabo. "Investors can avoid costs associated with currency conversions and foreign exchange fluctuations by locking in their exposure in New Zealand dollar terms and thus easily interpret their profit and loss."
To coincide with the launch, IG Markets will also be conduct a series of live CFD seminars in Auckland, Christchurch and Wellington.
Shares in IG Group Holdings plc (Co. Profile) (LSE:IGG) are trading at 323.80 pence per share this morning in London, down 0.61%.