StoneX introduces new US defeasance sales and trading offering, expands team with new hires

StoneX Financial Inc., a subsidiary of StoneX Group Inc., has revealed a new capability expansion of its US fixed-income business with the introduction of a trading offering and defeasance sales.

As part of the expansion, StoneX has enlisted the services of three industry veterans from Truist Securities, Zach Frick, Les Jennette, and Joseph Forchione, who bring with them a combined experience of forty years in delivering commercial and municipal debt defeasance solutions.

The trio will report to Hunter Hill, the Head of Agency Department Trading at StoneX, and will be based in Richmond, where the company plans to open a new office to support the business and promote local growth. Les Jennette and Zach Frick will assume roles as Co-Heads of Defeasance Sales & Trading and Managing Directors, while Joseph Forchione will serve as an Executive Director.


Hunter Hill commented:

Zach, Les and Joe bring deep relationships with municipal and commercial financial advisors. They will expand our underwriting of and distribution in Agency debentures and provide synergies with our rapid growth in Treasuries.

StoneX Financial Inc. (SFI) is a financial services company with an international presence that provides clients with a range of securities solutions tailored to their diverse needs. StoneX Financial specializes in executing securities transactions quickly and accurately, particularly in challenging and less liquid markets.

The fixed-income division of StoneX works closely with institutional clients in various sectors, such as hedge funds, insurance companies, money managers, municipalities, and banks. The fixed-income desks of the company offer reliable liquidity across a wide range of fixed-income products, backed by the financial strength of StoneX Group Inc., the parent organization.


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