Company is one of the initial participants to join on as a member of the new LME service
NEW YORK and LONDON, July 17, 2018 /PRNewswire/ -- INTL FCStone Inc. (NASDAQ: INTL) today announced that its London-based subsidiary, INTL FCStone Ltd, is one of the first general clearing members to join the London Metal Exchange's (LME) newly created LMEprecious service, following its launch last year. The LME, along with the World Gold Council and a group of industry participants, created LMEprecious to introduce exchange-traded, loco London precious metals products.
LME Gold and LME Silver futures provide new opportunities for trading, price discovery and risk management creating an enhanced market structure for the precious metals community. As an existing LME member, and now an LMEprecious member, INTL FCStone Ltd will have the ability to trade and clear Gold and Silver contracts.
Barry Canham, Global Head of INTL FCStone Ltd's Metals Division, commented on today's news, "There is a specific market demand for this product and we are pleased to be an early stage adopter of the LMEprecious platform. Being an LMEprecious member will allow us to further serve our clients through enhanced growth and risk management strategies, while also solidifying our position as a global leader in the precious metals industry."
LMEprecious offers spot pricing, along with daily and monthly futures (out to five years) for both gold and silver – delivering greater choice for market participants and modernizing the gold and silver markets to better reflect the needs of global players. The gold and silver bullion are physically held in London, providing efficient settlement between LMEprecious and OTC market deliveries.
Robin Martin, Head of Market Development for the LME concluded, "Given their significant experience in precious metals trading, we are delighted to welcome INTL FCStone as our newest LMEprecious member as we look to further expand our offering. The LME has always been a global liquidity center for metals and LMEprecious is an important step for us in building on our strong relationships within the precious metals community."
About INTL FCStone Ltd
INTL FCStone Ltd ("IFL") is a wholly owned subsidiary of INTL FCStone Inc. ("INTL"). IFL is registered in England and Wales (5616586). IFL is authorised & regulated by the Financial Conduct Authority [FRN 446717]. INTL FCStone Inc., through its subsidiaries, is a leading provider of financial-services execution, risk management, market intelligence, and post-trade services across asset classes and markets around the world.
Serving more than 20,000 customers in 130 countries on five continents, the company provides products and services across five market segments: commercial hedging, global payments, securities, physical commodities, and clearing and execution services. Our customers include the producers, processors and end users of virtually every major traded commodity, as well as asset managers, introducing broker-dealers, insurance companies, brokers, institutional and retail investors, commercial and investment banks, and governmental, non-governmental and charitable organizations. A Fortune 500 company headquartered in New York City, the company is listed on the Nasdaq under the ticker symbol "INTL".
Further information on INTL FCStone is available at www.intlfcstone.com.
Jay A. Morakis
M Group Strategic Communications (for INTL FCStone Ltd)
+1 646 417 8514
SOURCE INTL FCStone Inc.