The American division of Plus500 (LON: PLUS) has consolidated its position in the US by joining the Futures Industry Association (FIA). The development comes a few years after the broker’s initial foray into the US market through an acquisition.
Plus500’s Calculated Move
Founded in 1955, the FIA serves the futures, options, and derivatives markets, including futures commission merchants and principal traders. Plus500 is now a part of this prestigious group, joining the ranks of clearing firms, exchanges, clearinghouses, trading firms, and commodities specialists.
Plus500’s CEO, David Zruia, noted that the FIA membership demonstrated the “group’s ongoing commitment to our strategic plans in the US.” He stated that “joining this globally recognized, leading organization marks another key accomplishment for Plus500 as we leverage our unique technology to capture the significant growth potential in the US futures market.”
Broadening Horizons in the US
The Israel-based broker, listed in London, is recognized for its retail trading services, offering forex and contracts for differences (CFDs) instruments. Their entry into the US futures market, purchasing Cunningham Commodities, is a significant step toward growth.
The brokerage’s focus in the US is evident in its high-profile partnership with the Chicago Bulls, a renowned professional basketball team. This sponsorship agreement in the US came after Plus500 concluded its main shirt sponsorship deal with Spanish football club Athletico Madrid.
Plus500 has diversified its US operation to include both B2B and B2C services. The company provides B2B market infrastructure services for institutional clients in the US futures market.
As reported in October, Plus500 concluded the third quarter of 2023 with a revenue of $168.1 million, 5% higher quarter-over-quarter but 14% lower year-over-year. The broker accumulated $153.7 million from trading income during this period.