INTL FCStone Inc. announced this Wednesday that its rebranding to StoneX Group Inc. has been approved by an overwhelming majority at its shareholder meeting this morning. As a result, the changes will come into effect on the 6th of July 2020.
Following the name change, the StoneX Group will be traded under the symbol SNEX, and its trade name will be StoneX. The Board of INTL FCStone, a market maker and provider of execution, post-trade settlement, clearing and custody services, wants to adopt the new corporate name as part of a global rebranding initiative.
As Finance Magnates reported, the name change was revealed in May, but was subject to shareholder approval. “Stone” embodies the oldest part of the company’s franchise and “X” evokes exchange, digitization and innovation, the company said at the time. The rebranded entity will encompass all of INTL FCStone’s regulatory profiles around the globe.
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INTL FCStone rebrand to define strategic focus
Commenting on the change, Sean O’Connor, CEO of INTL FCStone said in the statement: “Our firm has experienced transformational growth in recent years – in terms of the breadth and depth of our offering, our technology platforms and our global client base. This re-brand will help us better define and communicate our strategic focus on driving innovation and digitalization in the global markets going forward.”
The firm’s current name – INTL FCStone – reflects the merger between International Assets Holding Corporation and FCStone Group, which took place in 2011. The name change, therefore, reflects a new direction for the company.
“Our transition to the StoneX brand signals an exciting new phase for our company and our clients. We owe all of our success to our clients, and we will continue to put them at the center of everything we do as we pursue our goal of becoming one of the most recognized and valuable financial services franchises in the world,” added O’Connor in the statement.