Company offers enhanced institutional and retail clearing services following Sterne Agee acquisition
INTL FCStone Inc. (NASDAQ: INTL) has announced that the Correspondent Clearing Division of its wholly owned subsidiary, INTL FCStone Financial Inc., has unveiled clearing and custody services for middle-market firms following its parent company’s acquisition of Sterne, Agee & Leach, Inc. in August 2016.
INTL FCStone Financial provides comprehensive execution, clearing, settlement and custody solutions. The Company serves the middle-market by providing institutional and retail capabilities through a single, proprietary platform.
Roger Shaffer, Managing Director, Correspondent Clearing at INTL FCStone Financial Inc., commented:
INTL FCStone Financial offers custody and clearing solutions to the middle-market that we believe cannot be found elsewhere, as we fill the gap in the market between large and small clearing firms. With a rich history spanning more than 100 years, Sterne Agee is well respected in the industry and its high-touch approach to retail clearing is praised by its correspondents. We continue to enhance these capabilities by leveraging our knowledge and expertise serving the institutional middle-market. Additionally, we maintain a collaborative approach to working with our clients because our success and that of our correspondents are intertwined.
INTL FCStone Financial has enhanced Sterne Agee’s capabilities to accept international customers from its correspondents. Additionally, in the coming months the Company will expand its offering to provide access to securities markets outside the U.S. for all customers. Many of the Company’s correspondents do not have the capabilities necessary to enter into foreign markets, and INTL FCStone Financial plans to open these markets by providing correspondents with access to international securities.
Steven zum Tobel, Managing Director, Correspondent Clearing at INTL FCStone Financial Inc., concluded:
We are committed to continually expanding our capabilities, and to this end intend to leverage the resources provided by the Sterne Agee acquisition to provide for the needs of global, middle-market customers. Many clearing firms are pulling out of international markets or restricting the number of non-U.S. clients available to their correspondents. We are part of a truly global organization, with 38 offices in 13 countries serving clients from over 130 countries around the world. We plan to leverage our multinational capabilities to provide more affordable and expansive custody and clearing services than have traditionally been available, to both U.S. and non-U.S. account holders. While many clearing firms shy away from non-U.S. business, we plan to cater to both foreign and domestic firms. We look forward to opening up our custody and clearing services to non-U.S. correspondents.