StoneX Financial receives General Clearing Member status from ECC, enhancing services for clients in energy and commodities markets.
Quiver AI Summary
StoneX Group Inc. announced that its subsidiary, StoneX Financial Limited, has achieved General Clearing Member status from European Commodity Clearing AG (ECC), enhancing its service offerings to clients in the energy and commodities sector. This status allows StoneX Financial to provide a wider range of services, including futures and spot contracts for power and gas, as well as participation in EEX carbon auctions. The move aims to improve market access and risk management for clients and signifies StoneX’s strategic expansion throughout 2024, including recent memberships in various global exchanges. Executives from StoneX expressed enthusiasm about the GCM status, noting it would facilitate improved customer service and market navigation amid evolving energy landscapes.
Potential Positives
- StoneX Financial has been awarded General Clearing Member (GCM) status by European Commodity Clearing AG, enhancing its market standing in the energy and commodities sector.
- GCM status enables StoneX Financial to clear transactions on behalf of Non-Clearing Members, significantly expanding its service offerings and client base.
- The achievement signifies a strategic expansion for StoneX, following other important milestones in various international markets, strengthening its global presence.
- This development enhances client service capabilities and risk management solutions in navigating complex energy markets, aligning with StoneX's commitment to providing robust financial services.
Potential Negatives
- None
FAQ
What is the significance of StoneX Financial's GCM status?
StoneX Financial’s GCM status allows it to clear transactions for Non-Clearing Members, enhancing market access for clients.
How does ECC support energy and commodity trading?
ECC provides clearing and settlement services, ensuring financial stability and mitigating counterparty risk in energy and commodity markets.
What new services does StoneX Financial offer?
StoneX Financial offers power and gas futures, spot contracts, carbon auctions, and broader market coverage due to its GCM status.
Who commented on the importance of GCM status for StoneX?
Ramon Martul and Brett Phillpott highlighted the advantages of GCM status for enhanced market access and risk management solutions.
What recent milestones has StoneX achieved in 2024?
In 2024, StoneX expanded membership in multiple exchanges, including IIBX, TMX, ASX, and the Abaxx Exchange in Singapore.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SNEX Insider Trading Activity
$SNEX insiders have traded $SNEX stock on the open market 17 times in the past 6 months. Of those trades, 0 have been purchases and 17 have been sales.
Here’s a breakdown of recent trading of $SNEX stock by insiders over the last 6 months:
- DIEGO ROTSZTAIN (Chief Governance/Legal Officer) has traded it 5 times. They made 0 purchases and 5 sales, selling 14,750 shares.
- SEAN MICHAEL OCONNOR (CEO/President) has traded it 3 times. They made 0 purchases and 3 sales, selling 77,500 shares.
- JOHN MOORE FOWLER has traded it 4 times. They made 0 purchases and 4 sales, selling 3,400 shares.
- PHILIP ANDREW SMITH has traded it 2 times. They made 0 purchases and 2 sales, selling 7,500 shares.
- XUONG NGUYEN has traded it 3 times. They made 0 purchases and 3 sales, selling 28,091 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SNEX Hedge Fund Activity
We have seen 121 institutional investors add shares of $SNEX stock to their portfolio, and 134 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HARBOR CAPITAL ADVISORS, INC. added 185,769 shares (+148.2%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 148,623 shares (+3.5%) to their portfolio in Q3 2024
- PRIVATE CAPITAL MANAGEMENT, LLC removed 117,204 shares (-28.3%) from their portfolio in Q3 2024
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. added 112,196 shares (+28.1%) to their portfolio in Q3 2024
- INVESCO LTD. added 105,958 shares (+32.1%) to their portfolio in Q3 2024
- JACOBS LEVY EQUITY MANAGEMENT, INC removed 84,065 shares (-47.7%) from their portfolio in Q3 2024
- FOUNDRY PARTNERS, LLC added 65,321 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
LONDON, Nov. 27, 2024 (GLOBE NEWSWIRE) -- StoneX Group Inc. (NASDAQ: SNEX); today announced that its wholly owned subsidiary, StoneX Financial Limited (“StoneX Financial”), has been awarded General Clearing Member (GCM) status by European Commodity Clearing AG (“ECC”). This achievement underscores StoneX Financial’s commitment to expanding its capabilities and providing enhanced services to its energy and commodities sector clients.
ECC is the leading clearinghouse specializing in energy and commodity products in Europe, providing clearing and settlement services for exchanges and over-the-counter markets, ensuring financial stability and mitigating counterparty risk in the trading of energy and commodities.
A key benefit for StoneX Financial is the ability to deliver an expanded range of services to a broader client base, including Non-Clearing Members (NCMs). This enhanced product suite includes power and gas futures and spot contracts, EEX carbon auctions, spot and futures products, and broader market coverage across the wider EEX offering. Additionally, it strengthens customer service capabilities for clients navigating power, gas, and carbon markets.
Ramon Martul, Chief Executive at StoneX Europe, commented, “We are delighted StoneX Financial has been awarded GCM status by ECC. Expanding our capabilities provides our clients greater market access, robust solutions, and the tools they need to navigate an evolving energy landscape.”
Brett Phillpott, Head of Exchange Traded Futures and Options at StoneX Financial agreed, adding, “Achieving GCM status with ECC is a proud moment for our team. It unlocks our ability to deliver seamless market access and more robust risk management to our clients.”
Dr. Tobias Paulun, CEO of ECC, remarked, “We are delighted that StoneX is extending its Clearing Membership at ECC. As a General Clearing Member, StoneX is now authorized to clear transactions on behalf of any Non-Clearing Member at ECC, increasing choice for our customers.”
This achievement highlights a year of strategic expansion for the StoneX group. Key milestones include wholly owned subsidiaries attaining membership in the India International Bullion Exchange (IIBX) in October 2024, Approved Participant status on the Montreal Exchange (TMX) in Canada in August, joining the Australian Securities Exchange (ASX) in April, and becoming the first approved clearing and trading member of the Abaxx Exchange and Clearing House in Singapore in January 2024.
About StoneX Group Inc.:
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The group strives to be the one trusted partner to its clients, providing its network, products, and services to enable them to pursue trading opportunities, manage market risks, make investments, and improve business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, as well as more than 400,000 retail accounts, from more than 80 offices spread across six continents.
Louis Hogan
[email protected]
SNEX-G
