Global multi-asset electronic trading and payment firm INTL FCStone Inc. (Nasdaq:INTL) has today announced the completion of the consolidation of its two UK subsidiaries, INTL FCStone Ltd and INTL Global Currencies Ltd as reported initially by LeapRate in March this year.
At the time of initial announcement in March, INTL FCStone had declared its intention to roll its UK businesses into one, and now, post completion, has elaborated on the ethos behind this decision. INTL FCStone Ltd is a Category One ring dealing member of the London Metal Exchange, a full clearing member of ICE Clear Europe, CMECE and LCH EnClear, and offers clearing services on a host of global exchanges through group affiliates.
Following this consolidation, INTL FCStone Ltd has stated that it will be able to more efficiently meet the needs of its customer base and make it easier for customers to access a wide array of financial services. The incorporated Global Payments division of INTL FCStone Ltd is the leading institutional cross border global payments business, processing 240,000 payments annually, with volumes of US$17 billion in 145 currencies.
INTL FCStone Ltd will continue to serve humanitarian branches of supranational organizations, governmental aid agencies and household names within the NGO and charity sector, as well as international corporations and an increasingly large section of the international banking community. Many of the world’s largest banking institutions have recognized the advantages of making their payments through a specialist service provider and have chosen the services of INTL FCStone for local currency delivery to the significant benefit of their clients. INTL FCStone Ltd will continue to provide the knowledge and infrastructure upon which such banks rely to deliver payments for their clients to almost every conceivable country in local currency.
Philip Smith, CEO of INTL FCStone Ltd explained today in a commercial statement: “We are very pleased that through this consolidation we can better serve our customers in providing simpler access to the full breadth of products we can offer.”
For the full press release, click here.