City Index was founded by Chris Hales and Jonathan Sparke in September 1983 and started trading in March 1984 offering spread betting. In 2001, the company launched its CFD Trading function in the UK. During 2005, City Index acquired the IFX Group, procuring FX broker IFX Markets and spread betting provider Finspreads.com. The following year, the group opened offices in Sydney, Singapore and Shanghai to serve clients across the Asia Pacific region. In 2008, City Index purchased FX Solutions, a US market leader in retail and white label foreign exchange services. In Autumn 2012, City Index ran the Trading Academy – a six-week web series produced to demonstrate that with the right education, technical support, dedication and discipline, aspiring traders from a range of backgrounds and experience levels can be taught how to trade the financial markets. In November 2014 the company was sold to US based rival Gain Capital for $118 million by Michael Spencer who had owned the company since it 1997 when he had purchased controlling interest from its original founders. In 2020 INTL FCStone acquires GAIN Capital, becoming the StoneX Group.