INTL FCStone Inc. is an organization that provides financial services. The company runs its business in five main areas: Global Payments, Commercial Hedging, Physical Commodities, Clearing and Execution Services. The company first started as a butter and egg broker in Chicago in early 1921. Eventually, it grew into one of the largest corporations in the U.S.
This Monday, INTL FCStone Inc. announced its Singaporean subsidiary’s latest successful deal. The company stated that the branch had obtained UOB Bullion’s and Futures Limited’s futures, brokerage options, and clearing business. Futures Limited and UOB Bullion is a subsidiary of United Overseas Bank LTD.
INTL FCStone Pte Ltd completed the purchase after meeting all the conditions of the Asset Purchase Agreement. The process of acquisition has started back on March 18, 2019. Besides, after the deal, INTL FCStone Pte Ltd has upgraded its Capital Markets Services license in Singapore. Furthermore, from now on, the company can freely operate as a full-fledged brokerage. Some of the features include over-the-counter derivatives contracts, forex contracts for leveraged FX trading and exchange-traded derivatives contacts.
Afterward, INTL FCStone Pte Ltd joined the SGX, Singapore Exchange, as a Trading and Clearing Member of the derivatives market. All of these strategic acquisitions and deals are for the rapidly growing customer base in the city-state. This transaction significantly enhanced the company’s local and international grasp. Also, as an SGX major exchange member, the company offers customers secure execution services.
Chief Executive Officer of IFP and Deputy CEO, Asia for INTL FCStone group, Greg Kallinikos, stated that the latest acquisition of UOB Bullion and Futures Limited’s business in Singapore is a promising start for INTL FCStone in Asia. The company is happy to offer its products to a new customer base. INTL FCStone Pte Ltd continuously expands its presence in Asia.