15th Sep 2014 08:13
LONDON (Alliance News) - IG Group Holdings PLC Monday said it has launched an execution-only stockbroking service targeted at individuals in the UK and Ireland.
In a statement, the FTSE 250 online trading company said "basic and opaque" existing online stockbroking trading platforms mean investors only have access to antiquated technology when investing in the stock market. It also offers customers a tax-efficient individual savings account option with no management fees.
The group said its platform offers live pricing on over 4,500 shares and is supported by analytical tools, charting, market news and videos. It said the service makes it easier to trade non-UK markets, which it said can be "cumbersome and expensive" to do through traditional online channels.
"Our new platform provides the latest in data, pricing and trading technology to those who want to trade the stock markets, and we can support them with round-the-clock customer service," Chief Executive Tim Howkins said in a statement.
Howkins said that retail investors are becoming increasingly confident and demanding with technology, especially in the field of mobile apps, but argued that their needs are not being met by the traditional trading platforms.
"Our research shows that people put convenience at the top of their wish list when making financial transactions online. Yet when it comes to trading the stock market, investors are getting anything but, with most stockbroking platforms using outdated and under-invested technology to 'service' customers," Howkins said.
The CEO was citing research by YouGov for IG to support the launch of the service. According to the research, almost 7 in 10 people made their last transaction online because it was convenient and 4 in 10 doing so because the best price was available online. It also found that 45% of those surveyed are confident using a mobile app to conduct a transaction.
IG shares were Monday quoted down 0.4% at 596.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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