.forex New gTLD Application
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New gTLD Application Submitted to ICANN by: IG Group Holdings PLC
Application Downloaded On: 28 Aug 2014
String: forex
Application ID: 1-2043-82969
Applicant Information
- Full legal name
IG Group Holdings PLC
- Address of the principal place of business
CANNON BRIDGE HOUSE
25 DOWGATE HILL
London - EC4R 2YA GB
- Phone number
+44 20 7896 0011
- Fax number
+44 207 896 0010
- If applicable, website or URL
http://www.iggroup.com
Primary Contact
6(a). Name
Alastair Hine
6(b). Title
Chief Innovation Officer
6(c). Address
6(d). Phone Number
+442075730410
6(e). Fax Number
+442078960011
6(f). Email Address
Secondary Contact
7(a). Name
Liz Scorer
7(b). Title
New gTLD Financial Manager
7(c). Address
7(d). Phone Number
+44 20 75730727
7(e). Fax Number
7(f). Email Address
Proof of Legal Establishment
8(a). Legal form of the Applicant
Public Limited Company and constituent of FTSE250 .
8(b). State the specific national or other jurisdiction that defines the type of entity identified in 8(a).
Incorporated in England and Wales, with registered number 04677092.
8(c). Attach evidence of the applicant's establishment.
Attachments are not displayed on this form.
9(a). If applying company is publicly traded, provide the exchange and symbol.
London_Stock_Exchange / IGG:LSE
9(b). If the applying entity is a subsidiary, provide the parent company.
9(c). If the applying entity is a joint venture, list all joint venture partners.
Applicant Background
11(a). Name(s) and position(s) of all directors
Name
Position
Andrew Mackay Director of Corporate Strategy
David Currie Non-Executive Director
Jonathan Davie Non-Executive Chairman
Martin Jackson Non-Executive Director
Nat le Roux Non-Executive Deputy Chairman
Roger Yates Senior Independent Non-Executive Director
Stephen Hill Non-Executive Director
11(b). Name(s) and position(s) of all officers and partners
Name
Position
Bridget Messer Company Secretary
Christopher Hill Chief Financial Officer
Peter Hetherington Chief Operating Officer
Tim Howkins Chief Executive Officer
11(c). Name(s) and position(s) of all shareholders holding at least 15% of shares
11(d). For an applying entity that does not have directors, officers, partners, or shareholders: Name(s) and position(s) of all individuals having legal or executive responsibility
Applied-for gTLD string
- Provide the applied-for gTLD string. If an IDN, provide the U-label.
forex
14A. If applying for an IDN, provide the A-label (beginning with "xn--").
14B. If an IDN, provide the meaning, or restatement of the string in English, that is, a description of the literal meaning of the string in the opinion of the applicant.
14C1. If an IDN, provide the language of the label (in English).
14C2. If an IDN, provide the language of the label (as referenced by ISO-639-1).
14D1. If an IDN, provide the script of the label (in English).
14D2. If an IDN, provide the script of the label (as referenced by ISO 15924).
14E. If an IDN, list all code points contained in the U-label according to Unicode form.
15A. If an IDN, upload IDN tables for the proposed registry. An IDN table must include:
the applied-for gTLD string relevant to the tables,
the script or language designator (as defined in BCP 47),
table version number,
effective date (DD Month YYYY), and
contact name, email address, and phone number.
Submission of IDN tables in a standards-based format is encouraged.
15B. Describe the process used for development of the IDN tables submitted, including consultations and sources used.
15C. List any variants to the applied-for gTLD string according to the relevant IDN tables.
- Describe the applicant's efforts to ensure that there are no known operational or rendering problems concerning the applied-for gTLD string. If such issues are known, describe steps that will be taken to mitigate these issues in software and other applications.
The .forex string and A-Label were developed in line with and checked against the eligibility, stability and policy criteria as stated in the ICANN Applicant Guidebook - version 2012-01-11. The results of those checks are as follows:
- The string has less than 63 characters;
- The string in ASCII is composed of three or more visually distinct characters;
- The ASCII label consists entirely of letters;
- The string is not a reserved name as shown in section 2.2.1.2.1 - Reserved Names of the ICANN Applicant Guidebook - version 2012-01-11; and
- .forex is not identical or similar to any of the top 10 invalid TLD’s responsible for the majority of DNS pollution, as referenced in the Security and Stability Advisory Committee (SSAC)’s report on this topic at http:⁄⁄www.icann.org⁄en⁄committees⁄security⁄sac045.pdf. It is likely that the .forex has not already been queried with meaningful frequency at the root. Therefore, it is unlikely that .forex will inherit significant invalid query traffic.
Due to the positive results of these checks, IG Group Holdings PLC does not believe that the .forex gTLD will be subject to any operational or rendering problems.
- OPTIONAL.
Provide a representation of the label according to the International Phonetic Alphabet (http://www.langsci.ucl.ac.uk/ipa/).
18A. Describe the mission/purpose of your proposed gTLD.
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.
18B. How do you expect that your proposed gTLD will benefit registrants, Internet users, and others?
18(B)I. WHAT IS THE GOAL OF YOUR PROPOSED gTLD IN TERMS OF AREAS OF SPECIALTY, SERVICE LEVELS OR REPUTATION?
The key goals of the proposed new .forex gTLD are in line with ICANN’s Affirmation of Commitments: to promote consumer trust, competition and consumer choice. IG Group also seeks to foster its online reputation and provide an authoritative internet space through which IG Group is able to communicate with its customers directly and effectively to inform potential customers about forex trading and related products. The ability to create domain names on demand relating to specific marketing, specialty service and product development supports these goals. Strengthened security measures, service levels and more effective functionality will provide a trusted and positive user experience.
18(B)II. WHAT DO YOU ANTICIPATE YOUR PROPOSED gTLD WILL ADD TO THE CURRENT SPACE, IN TERMS OF COMPETITION, DIFFERENTIATION, OR INNOVATION?
It is anticipated that the proposed .forex gTLD will make positive contributions to the wider internet community by providing:
DIFFERENTIATION (INCREASED TRUST):
The .forex gTLD will simplify how internet users interact with IG Group, as a leading provider of forex trading, by providing a distinctive domain space. Internet users will be able to directly navigate to .forex gTLD site, saving time and resources searching for a secure and official IG Group site. The current domain name system has shown that it is vulnerable to malicious abuses due to registration of domain names which seek to exploit consumer confusion. IG Group can address some of these vulnerabilities by maintaining complete control over the domain names registered under the .forex domain space, thus assuring customers that the trading services are secure and reliable. Together with consumer trust, internet users will be able to rely on the authoritativeness of the domain names under .forex domain space, which will differentiate interaction between internet users and IG Group.
COMPETITION:
The differentiation of .forex gTLD as a trusted site for forex trading through IG Group will drive existing and new TLD registry operators to make improvements in mechanisms to improve consumer trust of their TLDs. Internets users will be encouraged to interact with domain names under .forex domain space. As a result, .forex will have a flow on effect to enable increased competition. Therefore, the benefits of the proposed .forex will be distributed not only to its direct customers, but to the internet community at large forcing improved services and competitive pricing in the market place.
INNOVATION:
With the expansion of the internet community, the existing TLD structure presents limitations, not only in the availability of domain names for registrants, but also to businesses offering an online product to meet their evolving business needs. It is often difficult to register a domain name in existing domain space due to unavailability of the desired name. This problem is amplified for organisations such as IG Group who work across many different jurisdictions and geographical markets. Even when the desired domain name is available, it may come with a high price tag associated with a purchase of such desired name from a third party. IG Group has the ability to create second or third level domain names including the use of geographic names on demand which are relevant to its customer base, services and products. Domain names under the .forex will provide a business development opportunity for IG Group to communicate with its customer base by presenting reliable information in a timely and user friendly manner through the use of easy to remember domain names. IG Group will be able to combine its use of the domain space with innovative user focused education, information and services to address the currently unmet needs in the existing domain name system, providing greater consumer choice and security.
18(B)III. WHAT GOALS DOES YOUR PROPOSED gTLD HAVE IN TERMS OF USER EXPERIENCE?
The proposed .forex gTLD will provide a positive user experience, which meets the changing and growing needs of the global internet community. IG Group will maintain control in the registration and use of domain names and will ensure that the new gTLD will only be used for purposes authorised by IG Group. Therefore, .forex gTLD will:
- provide an easy, secure and intuitive reference and access point for internet users;
- represent authenticity thus promoting user confidence;
- direct internet users to relevant information in a timely manner by creating domain names on demand;
- use geographic names to localise its websites to connect with internet users in the relevant regions and to comply with local laws;
- enhance security and minimise security risks by implementing necessary technical and policy measures;
- strengthen product knowledge and user confidence by eliminating user confusion; and
- prevent potential abuses in the registration process reducing overall costs to businesses and users.
.forex should address the concerns that the current domain name system is open to potential malicious abuse and user confusion in the registration processes. Although the current system allows an eligible party to lodge a claim through existing Uniform Domain Name Dispute Resolution Policy (UDRP) or other dispute resolution processes, the .forex gTLD will reduce potential abuses in the registration processes and overall costs to internet users. User confidence in the domain name system will be strengthened, which will ultimately contribute towards promoting ICANN’s core values in benefiting the public interest.
18(B)IV. PROVIDE A COMPLETE DESCRIPTION OF THE APPLICANTʹS INTENDED REGISTRATION POLICIES IN SUPPORT OF THE GOALS LISTED ABOVE.
The proposed registration policy is attached in response to Question 28.
Only affiliate entities of IG Group will be eligible to register domain names in .forex at this stage. The domain name registration processes will address the requirements mandated by ICANN, including rights abuse prevention measures.
18(B)V. WILL YOUR PROPOSED gTLD IMPOSE ANY MEASURES FOR PROTECTING THE PRIVACY OR CONFIDENTIAL INFORMATION OF REGISTRANTS OR USERS? IF SO, PLEASE DESCRIBE ANY SUCH MEASURES.
IG Group is committed to the protection of privacy and confidential information in accordance with its objective of increasing consumer trust and providing a safe and legitimate internet space for internet users. Privacy and confidential information will be protected in accordance with all applicable laws and regulations relating to internet security, privacy and user’s confidential information, including the Data Protection Act 1998 (UK). IG Group complies with all relevant requirements and standards for the finance and trading industries including the Directive 2006⁄73⁄EC (EC) for compliance with Markets in Financial Instruments Directive (MiFID) and all applicable regulations and requirements governed by the Financial Service Authority (UK) as the regulator of the financial services industry in the UK.
IG Group also has implemented its own privacy policy to demonstrate its commitment to the protection of user privacy and confidential information. The IG Group Privacy Policy is available on its website and contains provisions reflecting IG Group’s respect for confidential information and personal privacy. IG Group’s privacy policy includes provision regarding:
- collection of information;
- use and disclosure of information;
- storage of information collected; and
- access to information held by IG Group
Privacy is of fundamental concern to most of IG Group’s customers as the interaction between IG Group and its customers may involve transaction of large sums of money and the provision of sensitive personal information. As such IG Group has a strong interest in ensuring a high level of privacy protection for its customers.
As the .forex gTLD will only be available to affiliate entities of IG Group, initially, the amount of personal data that will be collected for the purposes of operating the gTLD and made publicly available in the WHOIS database will be very limited. IG Group will provide a publicly available and searchable WHOIS look up facility, where information about the domain name status and registrant information, including administrative and technical contact details can be found in accordance with Specification 4 of the Registry Agreement. In order to prevent misuse of the WHOIS look up facility, IG Group will utilise measures including a requirement that any person submitting a WHOIS database query is required to read and agree to the terms and conditions in accordance with the registration policy. This will include the terms of use that the WHOIS database is provided for information purposes only and that the user agrees not to use the information for any other purposes such as allowing or enabling the transmission of unsolicited commercial advertising or other communication.
IG Group will deploy Domain Name System Security Extensions (DNSSEC) which is intended to benefit both IG Group and its users interacting with IG Group online. DNSSEC provides additional security by validating information in transmission, therefore it is intended to benefit those who publish information in the domain name system (DNS) and the users who retrieve information from the new .forex gTLD. IG Group already implements measures to protect privacy or confidential information of its users against misuse, loss, alteration and unauthorised access.
IG Group will continue to apply all security measures currently implemented and will comply with all other policies and practices required by ICANN in the Registry Agreement and any relevant Consensus Policy for protecting the privacy and confidential information of registrants and users in the new .forex domain space.
18(B)VI. DESCRIBE WHETHER AND IN WHAT WAYS OUTREACH AND COMMUNICATIONS WILL HELP TO ACHIEVE YOUR PROJECTED BENEFITS.
The proposed new gTLD will be publicised by a media plan to promote recognition of the new gTLD within the internet community to be a trusted site and as a sign of authenticity.
During the initial stage of the operation of the proposed new gTLD, it is anticipated that internet users will be re-directed to current websites. However, over time, it is foreseen that communication to the internet community of the existence of the proposed new gTLD and encouragement to utilise the trusted site will contribute towards minimising malicious abuses and protecting internet users.
18C. What operating rules will you adopt to eliminate or minimize social costs (e.g., time or financial resource costs, as well as various types of consumer vulnerabilities)? What other steps will you take to minimize negative consequences/costs imposed upon consumers?
As a restricted gTLD, registration will only be open to internal users (affiliate entities) at this stage and no third parties will be able to register domain names under .forex domain space. Therefore, it is not anticipated that third party trademark owners will incur costs in relation to the .forex gTLD. The affiliate entities wishing to register domain names must ensure that all the policy requirements for registration are satisfied.
No unaffiliated third party will be permitted to register domain names at this stage. It is estimated that time and money spent by consumers who have been targeted by malicious abuse in utilising services on the internet will reduce over time as a result of the new, trusted .forex gTLD.
18(C)I. HOW WILL MULTIPLE APPLICATIONS FOR A PARTICULAR DOMAIN NAME BE RESOLVED, FOR EXAMPLE, BY AUCTION OR ON A FIRST-COME⁄FIRST-SERVE BASIS?
The initial use of the proposed new gTLD will be restricted to internal business use and IG Group and affiliate entities are intended to be the registrants under the .forex gTLD. Therefore conflicts between multiple applications are not anticipated to occur.
18(C)II. EXPLAIN ANY COST BENEFITS FOR REGISTRANTS YOU INTEND TO IMPLEMENT (E.G., ADVANTAGEOUS PRICING, INTRODUCTORY DISCOUNTS, BULK REGISTRATION DISCOUNTS).
This gTLD will be used for internal purposes only, at this stage, so pricing incentives are not applicable or relevant.
18(C)III. NOTE THAT THE REGISTRY AGREEMENT REQUIRES THAT REGISTRARS BE OFFERED THE OPTION TO OBTAIN INITIAL DOMAIN NAME REGISTRATIONS FOR PERIODS OF ONE TO TEN YEARS AT THE DISCRETION OF THE REGISTRAR, BUT NO GREATER THAN TEN YEARS. ADDITIONALLY, THE REGISTRY AGREEMENT REQUIRES ADVANCE WRITTEN NOTICE OF PRICE INCREASES. DO YOU INTEND TO MAKE CONTRACTUAL COMMITMENTS TO REGISTRANTS REGARDING THE MAGNITUDE OF PRICE ESCALATION? IF SO, PLEASE DESCRIBE YOUR PLAN.
This gTLD will be used for internal purposes only, at this stage, so pricing incentives or pricing increases are not applicable or relevant as no additional fees are to be charged.