INTL FCStone Inc. (NASDAQ:INTL) has completed its previously announced acquisition of GMP Securities LLC, a New York-headquartered institutional fixed income boutique specializing in emerging market debt, bonds, and asset-backed securities.
Pursuant to the acquisition, INTL FCStone has acquired over 2,400 institutional customers who will benefit from its broader product offering, which includes commodities, derivatives, FX and global payments. This deal also allows INTL to expand its current fixed income product.
GMP Securities, formerly known as Miller Tabak Roberts Securities, is an SEC-registered broker dealer and also regulated by Wall Street self-regulator FINRA. It operates as a division of GMP International Holdings Corp., a wholly-owned subsidiary of Canada-based GMP Capital Inc, which acquired the company back in 2011.
Established in 1999, GMP Securities employs approximately 40 people across New York, Fort Lauderdale, Stamford, and Plano. In turn, INTL FCStone’s securities business has deep-rooted relationships with over 700 commercial and institutional customers throughout Europe, the Middle East, and Africa.
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OptionSellers investors seek to recoup losses
INTL FCStone Financial, through its subsidiaries, is a provider of execution, risk management and advisory services, market intelligence, and clearing services. The origins of the company date back to 1924, and currently serves institutional clients by providing them with access to blue chip international securities and ADRs.
During 2017 alone, the company was attributed a combined $29 billion in OTC trading, which accounted for 15 percent of all OTC value reported.
In November, investors of commodities trading adviser OptionSellers.com filed loss recovery claims against INTL FCStone as recent volatility in U.S. energy markets caused their accounts to be liquidated
According to the claims filed by the investors, the New York-based brokerage was asleep at the wheel when OptionSellers placed tens of millions of dollars of FCStone customer assets in a high-risk bet that natural gas prices wouldn’t rise.