<p>StoneX
Financial Inc., a subsidiary of StoneX Group Inc., which is the owner of
Forex.com and City Index, has announced the expansion of its US fixed-income
business by launching a trading offering and defeasance sales. This new
capability signifies the continued growth of StoneX’s fixed-income franchise
and its dedication to providing clients with comprehensive securities services.</p><p>StoneX Financial Launches
New Division</p><p>As part of
the expansion, StoneX has hired three industry veterans from Truist Securities,
namely Zach Frick, Les Jennette, and Joseph Forchione. The trio brings a
combined experience of four decades in delivering commercial and municipal debt
defeasance solutions. They will report to Hunter Hill, the Head of Agency
Department Trading at StoneX, and will be based in Richmond where StoneX plans
to open a new office to support the business and promote local growth.</p><p>Les
Jennette and Zach Frick will join StoneX as Managing Directors and Co-Heads of
Defeasance Sales & Trading. Joseph Forchione will join the company as an
Executive Director. </p><p>The Broker
Dealer Division of StoneX Financial Inc. (SFI) is an international financial
services organization that offers clients a comprehensive range of securities
solutions, customized to cater to the varied requirements of its diverse
clientele. In its securities operations, StoneX Financial excels in providing
swift, precise, and high-quality <a href=”https://www.financemagnates.com/terms/e/execution/” class=”terms__main-term” id=”60010adb-9e25-4bff-9822-c9210deec853″ target=”_blank”>execution</a> for clients navigating challenging
and less liquid markets.</p><p>According
to Hunter Hill, the new executives have established relationships with municipal and
commercial financial advisors and will “expand our underwriting of and
distribution in Agency debentures and provide synergies with our rapid growth
in Treasuries.”</p><p>The fixed-income
division of StoneX works closely with institutional clients across various
sectors, including hedge funds, insurance companies, money managers, municipalities,
banks, and more. The fixed-income team’s desks offer consistent liquidity
across an extensive range of fixed-income products, supported by the financial
strength of StoneX Group Inc., the parent company. </p><p>Dull Retail Demand Pushes
StoneX’s Revenue Down</p><p>A month
ago, StoneX Group <a href=”https://www.financemagnates.com/forex/stonex-sees-32-q1-fy23-fxcfds-revenue-decline-from-dull-retail-demand/” target=”_blank” rel=”follow”>published its financials</a> for the first quarter of the fiscal
year 2023, which ended on 31 December, reporting an operating revenue of $48.8
million from <a href=”https://www.financemagnates.com/terms/f/forex/” class=”terms__secondary-term” id=”6faa6714-7f7b-4d23-b1c5-c0d40807d613″ target=”_blank”>forex</a> and contracts for differences (CFDs) contracts.</p><p>The firm
emphasized a 27% drop in FX/CFD contracts RPM as a key factor in the
substantial revenue decline within the division. Furthermore, the figures were
negatively affected by reduced retail demand, while institutional FX contracts
revenue on StoneX saw a 74% increase to $9.2 million, accompanied by a 24%
surge in FX average daily volume (ADV).</p><p>Overall, the
quarter between October and December turned out to be dull for the company’s
FX/CFDs business, as the operating revenue declined 32 percent
year-over-year. Additionally, the figure <a href=”https://www.financemagnates.com/forex/brokers/stonexs-fxcfds-q4-operating-revenue-jumps-46/” target=”_blank” rel=”follow”>tanked by more than 40 percent from Q4 FY22</a>.</p><p>Three New Hires in 2023</p><p>StoneX
Digital LLC, another subsidiary of Stonex Group focused on digital assets, has
recently <a href=”https://www.financemagnates.com/executives/moves/stonex-digital-hires-matthew-ardizzone-as-digital-asset-md/” target=”_blank” rel=”follow”>onboarded Matthew Ardizzone</a> as the Managing Director of Digital Assets.
He is based in New York and reports to the digital asset division’s Chief
Operating Officer, Brian Mulcahy.</p><p>In the meantime,
StoneX Global Payments, a cross-border payments specialist,<a href=”https://www.financemagnates.com/executives/stonex-hires-swifts-edward-phelps-as-head-of-sales-strategy/” target=”_blank” rel=”follow”> hired Edward Phelps</a> as its Head of Sales Strategy. Phelps, who served SWIFT for over five and a
half years, announced his new role in January.</p><p>The latest
addition to the team of professionals at StoneX Group is <a href=”https://www.financemagnates.com/executives/sova-capitals-clifford-newman-joins-stonex-as-svp-prime-services-sales/” target=”_blank” rel=”follow”>Gary Clifford-Newman</a>,
the former Director of Prime Services Sales at Sova Capital, who joins as the
Senior Vice President (SVP) of Prime Services Sales.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
