IG Group said OTC customer income rose approximately 8% year on year in the third quarter of 2026, while OTC net trading revenue fell 18% to £156.1 million. Its 22 October Capital Markets Event explained the gap through revenue conversion: stronger client activity does not translate one-for-one into the revenue retained after market-making outcomes.[1]
The company calls its conversion measure return to volume, or RtV. It reported approximately 70% for the third quarter of 2026, compared with an average near 80% after measures introduced in the second half of 2025. IG considers 70% within its modelled range and says the improved pricing, risk management and hedging framework can lift the measure structurally over time. That is management’s expectation, not an independently established future return.[1]
Why aggregate customer growth did not protect this quarter
Published figures and their bases
| Measure | Q3 2026 or current outlook | Comparison or interpretation |
|---|---|---|
| OTC net trading revenue | £156.1m | £189.9m in Q3 2025; £33.8m lower, or 17.8% before roundingSource 1 |
| OTC customer income | Approximately 8% higher | Different measure from net trading revenueSource 1 |
| OTC RtV | 70% in the quarter | Around 80% average over a separate post-change periodSource 1 |
| Monthly active customers | 864,700 | 741,500 in Q3 2025; about 17% higherSource 1 |
| 2026 revenue growth guidance | Mid-single-digit % | Management expectation, not realised FY resultSource 1 |
The published prior-year OTC net trading revenue was £189.9 million. The £33.8 million decline to £156.1 million equals 17.8%, rounding to the reported 18%.[1]
IG reports 864,700 unique monthly active customers in Q3, up about 17% from 741,500 a year earlier, with its customer table adjusted to avoid counting people active in multiple product categories more than once. Active-customer growth and changing product mix may support future business, but do not mechanically set the RtV of OTC derivatives in any given quarter.[1]
The reorganisation and prediction-market plans
The event describes three operating divisions: IG Consumer, IG Securities and tastytrade. IG Consumer’s unified trading, investing and crypto proposition is live in the UK, while the group expects to launch financial prediction markets for UK professional clients during Q4 2026. An application for a UK gambling licence is intended to support possible later expansion into other event categories. Those later markets are not already licensed simply because an application was made.[1]
The group’s proposed Jersey parent and acquisition of Underdog were still subject to approvals or completion conditions in the release. Its unchanged medium-term standalone targets include organic revenue growth of 10% or more annually from an approximately £1.1 billion 2025 base and an EBITDA margin in the mid-40% range; the document expressly says these are expectations over time rather than a guarantee for a particular year.[1][3]
IG’s capital-allocation update prioritises maintaining an investment-grade credit rating and says share buybacks may resume in 2027, subject to capital needs and market conditions.[1][2]
Sources & further reading
- IG Group Capital Markets Event RNS 9489Z, 22 October IG Group via Investegate · 22 Oct 2026 · Accessed 29 Oct 2026
- Capital Markets Event IG Group · 22 Oct 2026 · Accessed 29 Oct 2026
- IG Group Q3 trading update IG Group via Investegate · 2 Oct 2026 · Accessed 29 Oct 2026