Expansion of Tastytrade, a financial network under the IG Group, is underway in Chicago, with the launch of a 35,000 square foot office space and studio. Additionally, Tastytrade plans to invest $600,000 in the Greenwood Project, a non-profit organization, to enhance diversity in the financial industry.

tastytrade's Initiatives in Chicago

Acquired by IG Group in 2021, Tastytrade's latest expansion aims to strengthen its position in the Chicago financial sector. Reports indicate that Governor JB Pritzker praised the company's contribution to the city, citing its collaboration with the Greenwood Project as a catalyst for nurturing the next generation of financial leaders.

JJ Kinahan, CEO of IG North America and President of Tastytrade, stated, "Through our collaboration with Greenwood, we are not only investing in the future of Black and Latinx outstanding students, but also contributing to diversity and inclusivity in the financial services industry."

After obtaining regulatory approval, IG Group acquired Tastytrade in 2021 for a total transaction value of $300 million, issuing 61 million new ordinary shares to Tastytrade shareholders, marking a significant milestone in IG Group's growth strategy.

Furthermore, IG Group's acquisition of this online brokerage firm solidifies its position in the retail options and futures markets. Prior to deciding to acquire Tastytrade, the group aimed to enter the growing retail trading market in the United States. In addition to the acquisition, IG Group also collaborated with Teach for Australia to address educational inequality issues.

Expanding Partnerships

Last year, IG Group's US subsidiary joined the Futures Industry Association, signaling a significant expansion of its global trading network. This acquisition paved the way for IG Group's entry into the US trading market, gaining access to Tastyworks' large customer base, which includes over 105,000 active trading accounts.

IG Group's acquisition of Tastyworks marks a strategic move to expand its business and services to US traders. Following the acquisition, Tastyworks was rebranded as Tastytrade.

Tastytrade offers a range of trading options for retail investors, including options, futures, and cryptocurrencies. In the 23 fiscal year, IG Group's revenue from its US operations surged by 47%, reaching £191.3 million. It is worth noting that the revenue of Tastytrade alone increased significantly by 52% year-on-year, reaching £170.3 million.