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IG Group says has discussed handling of Swiss franc surge with FCA

Reuters - UK Focus

By Richa Naidu

March 17 (Reuters) - Britain's financial watchdog has had some discussions with trading platform IG Group Holdings over how it handled the Swiss franc's surge on Jan. 15, IG Chief Executive Officer Tim Howkins said on Tuesday.

"We've had some conversation with (the FCA), not a huge amount," Chief Executive Officer Tim Howkins told Reuters on Tuesday, as IG Group (Other OTC: IGGHY - news) reported a 5.1 percent decline in third-quarter revenue due to the turmoil that followed Switzerland's removal of a cap on the currency.

The regulator and a clients' group said last week that dozens of IG (LSE: IGG.L - news) clients had written to the FCA to complain about how IG handled the Swiss franc's movements in January, which left hundreds with heavy trading losses and some saying they faced bankruptcy.

"(The FCA) are talking to people across the industry. (...) I think they're principally interested in understanding how the infrastructure of the market worked," Howkins said. (Additional reporting by Patrick Graham; Editing by Sinead Cruise)