StoneX Group Inc (formerly known as INTL FCStone) is a global financial services organization that provides brokerage, clearing, execution, post-trade, advisory and wealth management services across asset classes including foreign currency, equities, interest rates, agricultural commodities, global payments, precious metals and digital assets. With a history dating back over 100 years, StoneX has established itself as a leader in the markets it serves. This article provides a comprehensive overview of StoneX Group, its history, services, financials, leadership and more.

A Brief History of StoneX Group

StoneX traces its origins to 1924 when Saul Stone founded Saul Stone and Company, a New York commodity trading firm. Over the decades, the company expanded into foreign exchange and securities through acquisitions of firms like Herstein & Company, Sackville & Pearce Company Limited, and Carl Marks & Co. In 2011, the firm merged with FCStone Group and adopted the name INTL FCStone Inc, becoming listed on the NASDAQ exchange.

After a series of further acquisitions, the company rebranded as StoneX Group Inc in 2020. Some of the major acquisitions over the years include:

  • Carl Marks & Co (1970s) – securities firm
  • Sackville & Pearce Company Limited (1987) – London-based global payments firm
  • Herstein & Company (1993) – forex trading company
  • FCStone Group (2011) – commodities firm
  • CoinInvest (2018) – precious metals dealer
  • Gain Capital (2020) – retail forex broker

Today, StoneX operates in five major business segments serving more than 20,000 clients in over 130 countries. It has expanded from primarily commodities and forex into a diverse financial services group offering everything from investment banking to bitcoin trading.

Key Business Segments and Services

StoneX divides its business activities into five segments:


The Commercial segment provides risk management and hedging services across a range of asset classes. This includes trading of:

  • Agricultural commodities
  • Energy and metals
  • Global payments
  • Foreign currencies
  • Interest rates

Commercial serves producers, processors, middle market companies and institutional investors with customized risk management solutions.


The Institutional segment provides deep liquidity access, trade execution, and clearing and custody services to fund managers, commercial firms, and banks. This caters to high-volume traders including:

  • Hedge funds
  • Proprietary trading firms
  • Broker-dealers
  • Investment banks
  • Commodity trading advisors

Institutional offers execution through both voice and electronic platforms across FX, fixed income, equities, options, futures and more.


The Retail segment provides trading services and investment education to self-directed active traders and investors. This includes forex, contracts-for-difference (CFDs), stocks, exchange-traded funds (ETFs), futures, options and cryptocurrencies.

Retail serves over 89,000 clients through regulated brands including:

  • City Index – multi-asset trading platform
  • – retail forex and CFDs
  • StoneX Financial – active traders education


The Securities segment offers investment banking, market-making, and fixed income services. This caters to middle market corporate clients and institutional investors through services like:

  • Equity capital markets
  • Debt capital markets
  • Mergers and acquisitions advisory
  • Market-making in corporate and municipal bonds
  • Fixed income sales and trading
  • Equity sales and trading

Physical Commodities

The Physical Commodities segment provides financing, storage, logistics, and physical trading of precious metals, agricultural commodities, natural gas, oil, and other products. This caters to producers, consumers, traders like:

  • Mining companies
  • Grain producers
  • Food manufacturers
  • Energy companies
  • Industrial metals firms

Physical Commodities provides an outlet to purchase or sell physical commodities through StoneX along with financing, logistics, and storage capabilities.

Technology Infrastructure and Trading Platforms

As a global market maker operating on small margins, having robust technology and trading systems is critical for StoneX. The company has continuously invested in its platforms and infrastructure over the years.

For institutional clients, StoneX offers high-performance multi-asset trading platforms for global equities, futures, forex and options including:

  • Currenex – FX trading system acquired in 2007
  • BondsPro – fixed income platform launched in 2008
  • CFETS – forex platform launched in China in 2013
  • Capital Market Labs – quant trading tools launched in 2019

In the retail segment, StoneX operates forex trading platforms for 113,000 active accounts and over $14 billion in customer assets including:

  • FOREXTrader PRO – desktop platform
  • FOREXTrader mobile app
  • MetaTrader 4 – third-party platform offered

The company leverages advanced analytics on its trading data to provide liquidity aggregation, smart order routing, risk management and more. This combination of financial technology and human expertise powers its market-making abilities.

Recent Financial Performance and Growth

StoneX has demonstrated strong financial performance with steady revenue growth over the past five years:

  • Fiscal 2018 Revenue: $31.2 billion
  • Fiscal 2019 Revenue: $35.1 billion
  • Fiscal 2020 Revenue: $40.4 billion
  • Fiscal 2021 Revenue: $46.8 billion
  • Fiscal 2022 Revenue: $102.4 billion

The significant jump in 2022 was due to the acquisition of Gain Capital which added over $50 billion in retail forex volume. Net income has also climbed from $43 million in 2018 to $294 million in 2022.

StoneX continues to actively pursue strategic acquisitions to expand its presence across regions and asset classes. Since 2018, it has completed over 10 acquisitions at a total cost of approximately $1 billion to add capabilities in key areas:

  • Global payments – PayCommerce (2018)
  • Precious metals – CoinInvest (2018)
  • Futures execution – FCStone Partners (2019)
  • Equity market-making – VisoTech (2020)
  • Bitcoin trading – Coinstream (2021)
  • Digital assets prime brokerage – Digital Prime Technologies (2021)

These deals have expanded its offerings into higher growth areas like digital assets while consolidating share in core markets.

Leadership and Corporate Structure

StoneX Group operates under two primary brands:

  • StoneX – Retail, Institutional, Commercial, Physical Commodities segments
  • StoneX Financial – Securities segment

It is led by an executive team comprising veterans across finance, technology, commodities, forex and risk management including:

  • Sean O’Connor – CEO since 2016
  • William Dunaway – CFO since 2011
  • Kevin Murphy – EVP Institutional since 2008
  • Robert Smith – EVP Commercial since 2015
  • Glenn Stevens – EVP Retail since 2020
  • Brian Sephton – EVP Securities since 2021

StoneX Group is headquartered in New York City with over 2,700 employees across more than 50 offices globally. It employs a decentralized management structure with executives empowered to lead their respective business units with appropriate risk oversight policies.

The board of directors provides governance and strategic oversight led by:

  • John Radziwill – Chairman
  • Diego Rotsztain – Vice Chairman

With its deep leadership bench, StoneX is well-positioned to continue executing on strategic growth initiatives in the coming years.

Competitive Advantages and Challenges

StoneX possesses several competitive strengths as a market maker:

Industry expertise – Deep knowledge across diverse assets from decades of experience

Technology infrastructure – Cutting-edge platforms optimized for efficiency and low latency

Client relationships – Long-standing trust built through service over generations

Product breadth – One of the most comprehensive offerings across the value chain

Global footprint – Local presence for tailored solutions across regions

Proven M&A strategy – Disciplined approach to drive growth through acquisitions

However, StoneX also faces a few challenges in the competitive financial services landscape:

Consolidation – Large banks and funds squeezing industry margins

Fintech disruption – Emerging platforms applying technology to take share

Cybersecurity – Rising data and cyber risks requiring robust systems

Compliance costs – Increasing regulatory burden across jurisdictions

Retention risks – Attracting and retaining top talent amid ‘Great Resignation’

Overall though, StoneX remains well-positioned to leverage its differentiated advantages and continue delivering value to clients and shareholders.

Final Thoughts

In summary, StoneX Group has firmly established itself as a leading global market maker enabling clients to efficiently trade and manage risk across a diverse range of asset classes. Backed by its strong history, client relationships, technology infrastructure, product depth, strategic acquisitions and experienced leadership team, StoneX is poised for continued growth in revenue and profitability. With a strategic focus on higher growth areas like digital assets and global payments, the company remains an agile player in the evolving financial markets landscape. For active traders and institutional investors seeking a full-service partner, StoneX provides a compelling offering and value proposition worth considering.