StoneX Financial Achieves GCM Status with ECC

Rhea-AI Summary

StoneX Financial , a subsidiary of StoneX Group Inc. (NASDAQ: SNEX), has obtained General Clearing Member (GCM) status from European Commodity Clearing AG (ECC). This achievement enables StoneX Financial to provide expanded services to Non-Clearing Members, including power and gas futures, spot contracts, and EEX carbon auctions. The GCM status enhances the company's ability to serve clients in power, gas, and carbon markets. This development follows other strategic expansions in 2024, including memberships in IIBX, TMX, ASX, and Abaxx Exchange.

Positive

• Obtained General Clearing Member status with ECC, expanding service capabilities
• Ability to serve broader client base including Non-Clearing Members
• Enhanced product offerings in power, gas, and carbon markets
• Strategic expansion across multiple global exchanges throughout 2024

Negative

• None.

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
louis.hogan@cognitomedia.com

SNEX-G

FAQ

What is StoneX Financial's new status with European Commodity Clearing AG?

StoneX Financial has been awarded General Clearing Member (GCM) status by European Commodity Clearing AG (ECC), allowing it to clear transactions on behalf of any Non-Clearing Member.

What new services can StoneX (SNEX) offer after receiving GCM status?

StoneX can now offer power and gas futures, spot contracts, EEX carbon auctions, spot and futures products, and broader market coverage across the EEX offering.

What exchanges did StoneX (SNEX) join in 2024?

In 2024, StoneX joined the India International Bullion Exchange (IIBX), Montreal Exchange (TMX), Australian Securities Exchange (ASX), and Abaxx Exchange and Clearing House in Singapore.