London Capital Group (LCG) has announced that, effective July 1, LCG will act as a representative broker for IG Group.
As a result, the company will no longer hold client accounts or funds directly, nor will it act as principal in transactions.
According to information posted on the FNG website, the broker has sent a message to its clients that, as of July 1, they will no longer be able to deposit funds or open new positions directly with LCG. In addition, the broker warned that all open positions must be closed by the end of July. At the end of this period, all remaining positions will be automatically closed.
LCG has also announced that it will continue to provide services to clients and manage accounts, but that the platform, pricing, and execution will be provided by IG Group. As a result, clients who wish to continue to trade with LCG will need to open and fund accounts with IG.
LCG started operations in 1996. Its trading instruments range from standard currency pairs to stock options, bonds, commodities, and interest rates. In total, broker LCG offers more than 7,000 trading instruments.
