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Sunday, July 26, 2009

FXOnline Announces Acquisition of stake by IG Group

Tokyo, Sept 24, 2008 - (JCN Newswire) - FXOnline Japan Ltd., one of Japan's leading forex trading companies with over 30,000 clients, today announced that it will sell a controlling share in the company to IG Group Holdings plc ("IG Group"), a global provider of forex and contracts for difference (CFDs). IG Group is quoted on the London Stock Exchange under the ticker code IGG.L.

Under the transaction, IG Group is purchasing an 87.5% stake in the company. FXOnline co-founder James Gow retains the remaining 12.5% share and will continue as CEO. FinTech Global Inc. and Mizuho Capital Co. are at the same time divesting their respective holdings of 44.99% and 5.0%. The transaction values FX Online at 25 billion yen.
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Tim Howkins, CEO of IG Group, said:

"The acquisition of FXOnline is an important step in our strategy of expanding our business globally. FXOnline is recognised as one of the innovators in the Japanese forex market and we look forward to working together to introduce further innovations, including IG's wider product range and market leading technology."

James Gow, CEO of FXOnline, commented:

"As one of the largest retail providers of forex and CFDs in the world, IG Group is uniquely positioned to help FXOnline in the next stage of its growth. We have been working with IG to customise their award winning PureDeal dealing platform, which I believe will be very popular with our clients in Japan. For our clients, the ownership stake by IG Group provides an even greater level of financial security, while the addition of CFDs to our product range enables trading in all of the world's major financial markets, including equities, indices and commodities."

About IG Group

IG Group was founded in 1974 and has been quoted on the London Stock Exchange since 2005. It has a market capitalisation of approximately 200 billion yen and offices in eight countries around the world, including the UK, Australia, the US and Singapore. In the year to May 2008 IG had revenues of 35 billion yen and profit after tax of 13 billion yen. The Group enables retail clients around the world to trade the world's major financial markets. It is the largest company of its type in the UK and the Group handles around 3 million transactions per month.

About FXOnline

Founded in 2002 by market veterans James Gow and Anthony Collick in Tokyo, FXOnline was the first company to offer Japanese clients commission free forex dealing, in February 2005. FX Online realized revenue of 7.0 billion yen and net profit of approximately 2.9 billion yen for the financial year ended March 2008. FXOnline has a customer base exceeding 30,000, enjoys nominal daily flow in excess of $2.6 billion and handles over 1 million transactions per month.

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