Convergex, an agency-focused global brokerage and trading related services provider, announced on Wednesday that it has signed a clearing agreement with INTL Fcstone Inc (NASDAQ:INTL). Under the terms of the deal, Convergex will be able offer its clients access to FCStone’s futures execution capabilities and prime brokerage platform.
Convergex Prime Services will now be able to provide its clients with 24-hour trading access and full portfolio and risk reporting features – usually available to larger hedge fund managers only. In addition, Convergex’s clients will have full access to FCStone’s research geared towards CTAs, CPOs, and hedge funds.
Convergex Prime Services will build on its existing world class platform by releasing an innovative new suite of futures offerings geared towards CTAs and futures hedge fund managers. The enhanced futures platform will also include risk reporting and controls, daily portfolio reporting, multiple clearing options, a prime brokerage dashboard.
Doug Nelson, Convergex executive managing director and head of global clearing and prime services, commented:
“While we have always offered our clients comprehensive futures execution and clearing services, we are focused on providing additional services to this growing segment of the marketplace to meet the needs of our clients. With our new relationship with FCStone, Convergex is committed to creating a full-service offering designed to appeal to fund managers that are looking for multiple clearing options, additional execution platform choices and better pricing.”
To view the official announcement on the collaboration, click here.