The publicly traded broker operating in multiple markets including FX, has received regulatory approval in the U.K., to merge its INTL Global Currencies Entity (IGC) with its full-scope regulated dealing business IFL.
Regulatory approval has been granted for INTL FCStone to merge two of its subsidiaries in the UK, according to an official announcement the company put out today. The entities to be consolidated include its foreign exchange payments business along with its full scope investment services firm that provides execution and clearing related services.
The green light comes from the UK’s Financial Conduct Authority (FCA) which provides the company the okay to consolidate its two UK subsidiaries, INTL FCStone Ltd (IFL) and INTL Global Currencies Ltd (IGC), as per the description in the press release.
The company has recently reported positive metrics for its prior quarter, as covered by Forex Magnates last month, and according to it latest annual report for 2013 has nearly 1,100 staff employed across 11 countries, and nearly $2.8 billion in total assets, and more than 20,000 accounts representing approximately 11,000 separate customers, located in more than 100 countries.
Philip Smith, Chief Executive Europe, Middle East and Africa, said, "Following a record quarter, INTL FCStone's UK-based businesses are growing at a very encouraging rate. The next stage of consolidation during 2014 will be to incorporate our global precious metals businesses currently operating through our various international offices. Last year we transacted in more than 300 tons of physical precious metals and consider ourselves to be one of the largest importers of precious metals into the Indian sub-continent."
The firm's Foreign Exchange business which involves several of its entities, including the IGC business was announced as part of the consolidation. This business line, under the IGC name, is involved with the firm's institutional cross border global Payments business, and processes 200,000 payments annually, with volumes totaling $16 billion across 145 currencies, according to the press release. IGC services many of the humanitarian branches of supranational organizations, governmental aid agencies and household names within the NGO and charity sectors, and also services international corporations and an increasingly large section of the international banking community.
INTL FCStone proudly says that 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 IGC for exotic currency delivery for the significant benefit of their clients. The company has won the Forex Magnates's industry award for best Liquidity provider in 2012, reflective of the seriousness of its FX offering, which includes among other capabilities, related foreign exchange services on the institutional side.
IGC provides the knowledge and infrastructure framework upon which such banks rely to deliver payments for their clients and prides itself on its ability to make payments to almost every conceivable country, in local currency.
The other business being consolidated into the IGC segment is INTL FCStone Ltd [IFL],the group's full scope investment firm, providing advisory, execution and clearing services to commercial clients who wish to mitigate their price exposure to FX, metals, energy and soft commodities. IFL is a category 1 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, as per the explanation in the announcement today.
It appears the consolidation could have a streamlining effect, by merging the two to create a combined synergy, where the foreign exchange related payments business is now merged into the firm's full-service dealing business, including its clearing related services.
Regulatory approval has been granted for INTL FCStone to merge two of its subsidiaries in the UK, according to an official announcement the company put out today. The entities to be consolidated include its foreign exchange payments business along with its full scope investment services firm that provides execution and clearing related services.
The green light comes from the UK’s Financial Conduct Authority (FCA) which provides the company the okay to consolidate its two UK subsidiaries, INTL FCStone Ltd (IFL) and INTL Global Currencies Ltd (IGC), as per the description in the press release.
The company has recently reported positive metrics for its prior quarter, as covered by Forex Magnates last month, and according to it latest annual report for 2013 has nearly 1,100 staff employed across 11 countries, and nearly $2.8 billion in total assets, and more than 20,000 accounts representing approximately 11,000 separate customers, located in more than 100 countries.
Philip Smith, Chief Executive Europe, Middle East and Africa, said, "Following a record quarter, INTL FCStone's UK-based businesses are growing at a very encouraging rate. The next stage of consolidation during 2014 will be to incorporate our global precious metals businesses currently operating through our various international offices. Last year we transacted in more than 300 tons of physical precious metals and consider ourselves to be one of the largest importers of precious metals into the Indian sub-continent."
The firm's Foreign Exchange business which involves several of its entities, including the IGC business was announced as part of the consolidation. This business line, under the IGC name, is involved with the firm's institutional cross border global Payments business, and processes 200,000 payments annually, with volumes totaling $16 billion across 145 currencies, according to the press release. IGC services many of the humanitarian branches of supranational organizations, governmental aid agencies and household names within the NGO and charity sectors, and also services international corporations and an increasingly large section of the international banking community.
INTL FCStone proudly says that 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 IGC for exotic currency delivery for the significant benefit of their clients. The company has won the Forex Magnates's industry award for best Liquidity provider in 2012, reflective of the seriousness of its FX offering, which includes among other capabilities, related foreign exchange services on the institutional side.
IGC provides the knowledge and infrastructure framework upon which such banks rely to deliver payments for their clients and prides itself on its ability to make payments to almost every conceivable country, in local currency.
The other business being consolidated into the IGC segment is INTL FCStone Ltd [IFL],the group's full scope investment firm, providing advisory, execution and clearing services to commercial clients who wish to mitigate their price exposure to FX, metals, energy and soft commodities. IFL is a category 1 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, as per the explanation in the announcement today.
It appears the consolidation could have a streamlining effect, by merging the two to create a combined synergy, where the foreign exchange related payments business is now merged into the firm's full-service dealing business, including its clearing related services.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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