IG names Johan Wiese to lead IG South Africa as Director after working with the company for 14 years since 2009.
Europe's largest online trading platform, IG Group, has appointed Chief Operating Officer (COO) Finance Johan Wiese to join the company in South Africa as a director.
The move appears to be part of a series of changes to the IG South Africa (IGMSA) management structure. Wiese replaces Richard Heading. Wiese joined the IG Group in 2009 and has held various positions. Wiese's promotion comes at a time when IG is looking to expand its regulatory footprint in South Africa.
IG in South Africa
IG Markets South Africa Limited is part of the IG Group. Although IG is under FSCA regulation, IG South Africa's CFD products are not regulated as they are conducted on a principal-to-principal basis. In contrast, CFDs issued by IG Markets South Africa are regulated by the Financial Markets Act.
For existing clients, brokers based in South Africa are permitted to offer them CFDs and similar products, but they must be advised of the provision of services under this exception.
South Africa is becoming a popular destination for brokers these days due to its strong and well-organized financial markets, making it one of the top ten capital markets in the world with thousands of investors. The country itself is a diverse market most of which lacks the market saturation seen in other jurisdictions such as Europe.
See Also: IG Review