IG Japan to stop offering US FANG stocks
Clients of IG Securities, the Japanese subsidiary of electronic trading major IG, have been informed of the pending end of the offering of US FANG-related stocks.
The broker explains that it is difficult to deliver stable prices to customers all day in the trading of US FANG related stocks. From February 1, 2022, the opening of new positions in these instruments will not be possible. Traders will be able to settle trades in these instruments by April 30, 2022.
The term ‘FAANG’ was first coined in 2013 by the CNBC network host Jim Cramer, who described the companies as ‘totally dominant in their markets.’ The abbreviation refers to Facebook (now Meta), Amazon, Netflix, Google (now Alphabet), and latecomer Apple, which was added to the acronym in 2017.
Together they make up five of the top 10 largest companies in the world by market cap. Apple alone is worth a staggering $2.9 trillion, and together the five are worth around a fifth of the US’s benchmark S&P 500 index.