Wedbush Securities, a California-based financial services provider, is now expanding into the foreign exchange prime brokerage industry. With the move, the company is going beyond providing securities brokerage, wealth management and investment banking services.

Wedbush Expands Services

Wedbush, which was founded nearly seven decades ago, said it will start offering the new services in May 2022. The firm noted that the new business will broaden its existing multi-asset clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term services.

As part of the new move, Wedbush has hired a number of Jefferies executives led by industry veteran Michael Stone, a former Vice President (VP) at commodities futures dealer Jefferies Bache, to build the new unit. Stone leads the prime brokerage team as Senior Vice President.

The new unit is being organized under Wedbush's newly-established Fixed Income, Currencies, Commodities and Securities Finance (FICCS) Division, the US brokerage firm said. Other Jefferies ex-employees joining Stone to build the new unit include James Peckham, Ray Cera and Stephen Lamb, who were all previously VP of FX Prime Brokerage at Jefferies.

“With our launch into FX Prime Brokerage and having one of the best FX teams in the business, this definitely adds an extra level of service and investment opportunities for our clients,” noted Bob Fitzsimmons, the Executive Vice President of FICCS.

Michael Stone Boasts 30 Years of Experience

Michael Stone, Wedbush Securities’ new Senior Vice President for FX Prime Brokerage, is an industry veteran with over 30 years of financial services career experience under his belt. Before joining Wedbush, Stone served as the Vice President at Jefferies Bache for over 13 and a half years.

The senior executive also spent a short stint at the Royal Bank of Scotland between March 2008 and May 2009. Before then, Stone worked for nearly two decades at Dutch bank ABN AMRO, serving as the Director of FX Prime Brokerage.

While Wedbush announced Stone’s appointment on Wednesday, his LinkedIn profile shows that he took on the role in December 2022, Wedbush has been fulfilling the new role from Wedbush's division in Chicago.

“I and my team from Jefferies are very excited to join a firm that is so highly regarded in the futures space,” Stone noted, adding that they were looking forward “to building a business that adds value to mid-level corporates and professional trading groups who are perpetually in need of access to high-quality liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term on reasonable credit terms.”

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