IG Group to Transfer All EEA Traders Outside of UK, Following Brexit

IG Group, one of the larger EU brokers, issued an official statement – after Brexit the broker is asking all its EEA clients to transfer their accounts to IG Europe. This has been deemed necessary because the IG United Kingdom branch will not be serving the European Economic Area (EEA) traders anymore.
Users will needed to verify their identities before January 8th. All accounts that did not do so were closed.
More interestingly, all open positions were closed and then reopened once the user was officially transferred. The company reassured their clients that their profit (or loss for that matter) would not be affected.
I wonder why it was necessary to close and then reopen the positions to do that. Thoughts?

  1. Similar Topics

    1. ESMA Presses Brokers to Prepare for Brexit

      0 Replies 713 Views

      by mlawson71, Thu Jul 23, 2020 12:39 am in Broker Talk

      0 Replies
    2. 2 Replies

Return to “Broker Talk”