IG Singapore retains Investment Trends awards
The findings of Singapore’s key research study into the CFD and FX industry have been published, revealing interesting insights into market fluctuations and the performance of leading providers.
Besides market share, the study reports Singapore traders’ assessment of their CFD and FX providers’ performance, producing awards for five categories on which traders rate providers, and an award for the provider ranked highest overall across all categories.
IG Singapore comes first for overall satisfaction
IG has retained the Highest Overall Satisfaction rating among CFD providers in Singapore, coming out on top every year the research has been conducted, and retained the top rating for Smartphone/Mobile platform, an award introduced last year.
CMC Markets and City Index won in the education and value for money categories respectively, while Saxo Bank pushed IG into second place for platform features and customer service.
A full text of the Investment Trends release is available below in pdf format.
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The FX and CFD markets
The third annual Investment Trends CFD and FX Report outlines the market dynamics and the views of almost 12,000 investors in Singapore who completed a detailed survey on their trading behaviour and opinions.
For the first time ever, the CFD market is now bigger by number of traders than the FX market in Singapore. With 23,000 traders – equal to last year’s figure – the CFD market has outgrown an FX market which contracted from 25,000 to 20,000 traders.
The contraction of the FX market and lack of growth in the CFD category have in part been attributed to tighter barriers to entry for new traders, introduced by the MAS this year.
Phillip CFD remain the largest CFD provider in Singapore, followed by CMC Markets and IG. The top three FX providers in Singapore – IG, OANDA and CMC Markets – held 13%, 12% and 12% primary market share, respectively.
The MF Global effect
After the collapse of MF Global late last year, a major CFD provider, the impact was immediate. MF Global commanded a 10% market share of the CFD sector in 2011.
Greg Baker, MD of IG, commented ‘Nobody likes to see companies fail, regardless of whether they compete with your own business or not. From a purely business point of view, however, IG increased its market share following MF Global’s collapse, as clients looked for providers with financial stability, and flocked our way. Conversely, some potential CFD traders were no doubt deterred from starting by the MF controversy. So it did damage the perception of our industry - which is understandable, if unreasonable - so we have to contend with that’
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