Public Limited Company and constituent of FTSE250 .
THE MISSION AND PURPOSE OF THE NEW RESTRICTED .FOREX GTLD IS TO BENEFIT INTERNET USERS BY ENSURING INCREASED TRUST, USER CONFIDENCE AND UTILITY THROUGH THE PROVISION OF BETTER PRODUCT INFORMATION AND THROUGH THE ELIMINATION OF USER CONFUSION. The .forex gTLD will create a new generation gTLD... Read more
THE MISSION AND PURPOSE OF THE NEW RESTRICTED .FOREX GTLD IS TO BENEFIT INTERNET USERS BY ENSURING INCREASED TRUST, USER CONFIDENCE AND UTILITY THROUGH THE PROVISION OF BETTER PRODUCT INFORMATION AND THROUGH THE ELIMINATION OF USER CONFUSION.
The .forex gTLD will create a new generation gTLD serving the interests of end users by providing an authoritative internet space for information about forex (foreign exchange market) trading, services and resources of IG Group Holdings plc (IG Group). .forex will communicate some key information on forex trading and how to trade securely as well as offering IG Group customers the opportunity to trade online. The .forex gTLD will be closely controlled by IG Group for use by IG Group, its affiliates and partners that are associated with the brand and product. The majority of anticipated domain name registrations in .forex will be used in the promotion and communication of forex trading as a viable investment opportunity offered by IG Group. A subset of domain names has the potential to be created for communication and marketing purposes, with internet users assured of the legitimacy of the product offered by IG Group.
IG Group is a world leading provider of retail derivatives, including forex trading. IG Group was established in 1974, has its headquarters in London and operates globally with 14 global offices in several European countries, Japan, Singapore and Australia. IG Group is listed on the London Stock Exchange, is a member of the FTSE 250 and has a market capital value of GBP 1.7 billion (as at October 2011). IG Group is a world-leading provider of financial derivatives. IG Markets, as a part of the IG Group, is a leading provider of forex trading and has received several awards for forex trading, including; Financial Review Smart Investor Blue Ribbon Award for recommended Forex Provider in 2010, 2009, 2008, and The Bull ‘Stockies' Awards Winner of Best Forex Provider 2008 and Finalist 2011, 2010 and 2009. As such, IG Group has significant global reputation for forex trading. .forex will allow IG Group to provide forex resources and potential services to online customers in a secure, interactive and authoritative internet space.
New products and investment opportunities are increasingly offered over the internet, presenting customers with a wider choice of easily accessible investment products. As a result, both businesses and end users can benefit from ease of interaction and a wider range of choices with lower transaction costs. However, the development in this area in the current domain name system has exposed both businesses and consumers to increased criminal activities over the internet, including data breach, hacking and phishing. These sophisticated criminal activities cause reputational damage to businesses as internet users lose confidence and trust in the businesses targeted by such activities. .forex will facilitate greater trust and assurance from internet users, potentially offering forex services and reliable educational content relating to financial spreadbetting in a secure online environment provided by IG Group, whilst still allowing convenient and efficient interaction.
IG Group's mission and purpose of the proposed new gTLD share ICANN's initiatives to promote the public interest. IG Group is committed to contribute towards achieving such initiatives in line with ICANN's Affirmation of Commitments, which includes:
- consumer trust: the .forex gTLD registry will be operated in a centralised manner with a restrictive registration policy. Registration of domain names will only be available to IG Group and its affiliate entities, at this stage. This will provide added consumer reassurance that .forex domain names are trustworthy, offering consumers confidence in the service delivery through a trusted provider in the market. As .forex domain names are subject to registration standards, policies and procedures under IG Group's control, this eliminates the possibility of malicious conduct within .forex.
- competition: .forex is not directly intended to instigate competition and consumer choice at the level of registration of domain names among prospective registrants. Instead it is anticipated to contribute to ICANN's initiatives to promote public interest through its operation focused on promoting consumer trust. Increased trust in .forex will drive existing and new top level domain (TLD) registry operators to make improvements in mechanisms to improve consumer trust of their TLDs.
- consumer choice: .forex will enable user-driven improvements and innovations assisting IG Group's marketing efforts through its ability to create new second and third level domain names on demand. These names will provide the consumers with more informed choices for interacting with IG Group and to participate in forex trading, as well as providing an opportunity to IG Group to communicate with customers on a more personal level through intuitive and user friendly domain names. As IG Group has effective control over the registration and use of domain names under .forex, this will also contribute towards general service innovations on the internet as a new outlet for improved services.
Given the restricted nature of the .forex gTLD, the projected number of registrations is likely to be limited. It is anticipated that around 5-15 domain names will be registered in the first few years to incorporate the key services, products and information related to forex trading with IG Group. However, the number of registrations is likely to increase as IG Group develops and implements new services and marketing campaigns to be used in conjunction with the .forex gTLD.
As .forex expands and evolves, IG Group may consider offering customised domain names to its core trading customers at a later date, allowing for use as a unique login and providing access to IG Group's trading tools and platform. In this endeavour, IG Group will continue to comply with all operational, technical and policy requirements, as well as maintaining consumer trust and the stability of the internet. IG Group will keep ICANN reasonably informed of any material developments relating to .forex, including compliance with the continued operations instrument obligations as set out in Specification 8 of the Registry Agreement.
IG Group intends to create relevant domain names for use including its brand, services and sub types in the second or third level domain names. In accordance with the registration policy and proposed measures for protection of geographic names as outlined in response to Question 22, IG Group may use geographic names to localise its websites in the countries in which it operates. The use of geographic names is intended to:
- connect internet users with relevant information as applicable to the territory
- comply with required rules and regulations in the national territory
IG Group has the following existing domain names related to forex trading (also known as "fx"):
- gTLDs: igforex.asia, igforex.com, igforex.net, igforex.tel, igfx.biz, igfx.com, igfx.info, fxonline.tel
- ccTLDs: igforex.co.uk, igforex.jp, igforextrading.com.au, igfx.cn, igfx.co.uk, igfx.com.au, igfx.ru, igfx.tv, fx-online.com.hk, fx-online.com.tw, fx-online.hk, fx-online.tw, fxonline.com.hk, fxonline.com.tw, fxonline.hk, fxonline.tw
IG Group believes that .forex is unlikely to cause confusion with any existing TLDs. IG Group has a significant global reputation in forex trading, which is reflected in its international recognition through awards and its existing use domain names containing the term "forex". IG Group will not utilise .forex to support or conduct businesses which suggest or represent authorisation or endorsement of any government or relating to governmental aspects of foreign exchange trading. The use of .forex and the registration rules for second level domain names will include provisions to prevent such use.×