TradeInformer understands that London-based broker IG Group plans on shutting down Spectrum Markets.
Spectrum, which was set up by the company as a multi-lateral trading facility (MTF), was launched in 2019.
The goal of the German-based firm was to provide European customers with access to exchange-traded derivatives.
Spectrum generated £13.8m in trading revenue for IG Group last year. With group revenues of £987.3m, the MTF was only responsible for a little over 1% of total revenues.
TradeInformer reached out for comment from IG Group but the company had not responded by the time of publication.
The company did note in its annual report that progress at the MTF was “behind expectations”, so it’s plausible that the division is just not growing as expected.