INTL FCStone to consolidate two UK subsidiaries
INTL FCStone has received regulatory approval from the UK Financial Conduct Authority to consolidate the businesses of its two UK subsidiaries, INTL FCStone Ltd (IFL) and INTL Global Currencies Ltd (IGC).
IFL is a full scope investment firm providing advisory, execution and clearing services to commercial clients who wish to mitigate their price exposure to FX, metals, energy and soft commodities.
IFL is a category 1 ring dealing member of the London Metal Exchange, a full clearing member of ICE Clear Europe, CMECE, and LCH EnClear, and offers clearing services on a host of global exchanges through group affiliates.
IGC is an institutional cross border global payments business, processing 200,000 payments annually, with volumes of USD16bn in 145 currencies.
IGC services many of the humanitarian branches of supranational organisations, governmental aid agencies and household names within the NGO and charity sector, as well as international corporations and an increasingly large section of the international banking community.
Philip Smith, chief executive Europe, Middle East and Africa, says: "Following a record quarter, INTL FCStone's UK based businesses are growing at a very encouraging rate. The next stage of consolidation during 2014 will be to incorporate our global precious metals businesses currently operating through our various international offices. Last year we transacted in more than 300 tons of physical precious metals and consider ourselves to be one of the largest importers of precious metals into the Indian sub-continent."
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