Online trading platform IG Group is acquiring news and research portal DailyFX from foreign exchange market broker FXCM.
IG Group will pay $40m for the FX markets-focused research and analysis websites that DailyFX operates across eight languages.
It hopes that the purchase will improve its ability to acquire new clients and improve retention rates of its current clients.
IG CEO Peter Hetherington said, “We are extremely pleased to have had the opportunity to purchase what we consider to be the leading global client recruitment resource in the FX environment, an asset type where IG is very strong, but historically underweight.”
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