One of the biggest agency-focused global brokers, Convergex, has announced today that it has entered into a clearing agreement with INTL FCStone Financial Inc. (NASDAQ:INTL) to offer its clients access to FCStone’s futures execution capabilities and prime brokerage platform. With this new arrangement, Convergex Prime Services will be able to offer 24-hour trading access and hedge fund level portfolio and risk reporting features, as well as full access to FCStone’s hedge fund level research.
The firm says Convergex Prime Services will leverage its existing platform by offering a new suite of futures offerings geared towards commodity trading advisors and futures hedge fund managers. The futures platform will also include risk reporting and controls, daily portfolio reporting, multiple clearing options, a prime brokerage dashboard, and full support.
“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,” said Doug Nelson, Convergex executive managing director and head of global clearing and prime services. “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.”
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Last month INTL FCStone made the headlines when its Singapore-based subsidiary received a Capital Markets Services License from the Monetary Authority of Singapore. The license granted it a higher degree of latitude over the activity of trading in futures contracts relegated to the energy, metals and agricultural markets.