11th Dec 2019 08:40
(Alliance News) - Online trading firm IG Group Holdings PLC said Wednesday it has appointed BT Openreach Chair Robert McTighe to chair its own board.
McTighe is the chair of BT PLC's broadband infrastructure arm Openreach, lender Together Financial Services, and building material suppliers Arran Isle.
For over 20 years he has held various non-executive director roles in a range of both regulated and unregulated industries, said IG, whilst also spending eight years on the board of UK communications regulator Ofcom and one year on the board of postal service regulator Postcomm.
McTighe also was a director of WYG PLC until September 2017 and of IGAS Energy PLC until October 2019.
Jonathan Moulds will continue to serve as interim chair of IG until February 3, when McTighe's appointment takes effect.
McTighe's background in regulated industries comes as IG, which offers spread betting and trading in contracts for difference, has had to adapt to recent European Securities & Markets Authority measures.
In 2018, the European regulator placed restrictions on marketing, distribution or sale of CFDs to retail clients, in order to protect investors from losing more money than they put in, restrict the use of leverage and incentives, and ensure that risk warnings are provided.
CFDs is an arrangement made in financial derivatives trading where the differences in the settlement between the open and closing trade prices are cash settled. The securities themselves are not transferred.
Interim Chair Moulds said: "Mike brings impressive board and leadership experience in financial services and other regulated sectors, and we look forward to benefiting from his considerable stakeholder management skills."
Shares in IG were down 0.3% in London on Wednesday morning trade at 679.00 pence each.
By Paul McGowan; [email protected]
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