Latest news with #RJO
Reuters
6 days ago
- Business
- Reuters
Gold steadies as firm dollar offsets rate cut bets
Aug 5 (Reuters) - Gold prices held steady on Tuesday as a firmer dollar countered support from U.S. rate cut bets, while market participants awaited President Trump's announcement on new Federal Reserve appointments. Spot gold was up 0.1% at $3,376.80 per ounce, by 0947 a.m. ET (1347 GMT) after rising to its highest level since July 24 on Monday. U.S. gold futures also rose 0.1% at $3,430. The dollar was up 0.2%, making greenback-priced gold more expensive for overseas buyers. A stronger dollar is pressuring gold right now, but expectations that the Fed will start cutting rates in September remain very supportive for gold, said Bob Haberkorn, senior market strategist at RJO Futures. Markets are currently pricing in two rate cuts by year-end, beginning in September after Friday's unexpectedly weak June hiring data. Gold is used as a safe store of value during political and financial uncertainty, and thrives in a low-interest-rate environment as it yields no interest. Meanwhile, Trump said he would announce decisions soon on a short-term replacement for Federal Reserve Governor Adriana Kugler, who announced her resignation on Friday, as well as his pick for the next Fed chair. Data showed that the U.S. trade deficit narrowed in June on a sharp drop in consumer goods imports, the latest evidence of the imprint on global commerce Trump is making with sweeping tariffs on imported goods. Investors now await Thursday's U.S. jobs data for more clues into the Fed's potential rate path. Spot silver rose 0.4% to $37.53 per ounce, reaching its highest level since July 30. "I'm more bullish on silver than gold right now. I think silver could break above $40, and if it does, the next target would likely be around $42," Haberkorn said. Platinum lost 1.3% to $1,312.42 and palladium shed 1.7% to $1,186.18. South Africa-based miner Sibanye-Stillwater has asked the United States to consider imposing a tariff on Russian palladium imports to support the long-term viability of U.S. supplies.
Hamilton Spectator
31-07-2025
- Business
- Hamilton Spectator
StoneX Completes Acquisition of R.J. O'Brien, Becoming the Largest Non-Bank FCM in the United States and Enhancing Global Multi-Asset Capabilities
NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) ('StoneX' or the 'Company'), today announced the successful completion of its previously announced acquisition of R.J. O'Brien ('RJO'), the oldest independent futures brokerage in the United States. This transformative acquisition makes StoneX the largest non-bank Futures Commission Merchant ('FCM') in the U.S. and positions the company as a market leader in global derivatives. Founded in 1914, RJO supports over 75,000 client accounts and serves the industry's largest global network of approximately 300 introducing brokers ('IBs'), as well as commercial and institutional clients, and individual investors. RJO brings an attractive financial profile to StoneX, having generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024. As a combined company, StoneX provides clients with access to nearly every major global derivatives exchange, and offers one of the most comprehensive multi-asset platforms in the industry. RJO's clients can now access StoneX's extensive range of markets, products, and services, including an expansive over-the-counter ('OTC') hedging platform, physical commodity hedging, financing, and logistics services, as well as access to deep liquidity across fixed income products. Through the integration of the two companies, StoneX has targeted significant revenue synergies via cross-sell opportunities in OTC derivatives, physical commodity trading, and fixed income products. StoneX has also targeted $50 million in expense savings and unlocking at least $50 million in capital synergies through operational consolidation. The acquisition, which expands StoneX's client float by nearly $6 billion, is expected to enhance StoneX's margins, return on equity and be accretive to earnings. 'This is a proud moment for both companies. With more than 200 years of combined futures and commodities expertise, we are strengthening StoneX's role as an integral part of the global financial infrastructure,' said Sean O'Connor, Executive Vice-Chairman of StoneX. 'This acquisition creates an unmatched knowledge base and reinforces our position as the counterparty of choice for clients.' Philip Smith, Chief Executive Officer of StoneX, added: 'This transaction significantly expands our scale and increases our capabilities in several critical areas, including through a materially expanded client network and the addition of the leading introducing broker business. The combination of the companies' leading technologies and tools, such as in OTC hedging, risk management, and trading execution and liquidity across multiple asset classes, will deliver clients important benefits. This transaction adds significant value for our clients and reinforces our ability to deliver across asset classes through every market cycle.' Gerry Corcoran, Chairman and CEO of RJO, said: 'Today marks an exciting milestone as RJO joins StoneX to deliver broader services and greater reach to our clients. We will continue to deliver the same level of outstanding and personalized service we've always provided – now on an even larger scale with more extensive resources. We couldn't be more pleased about the cultural fit and strong client-first approach at StoneX that mirrors RJO's philosophy.' Speaking on behalf of the O'Brien family, the majority shareholders in RJO, Board member John O'Brien, Jr. said: 'We are incredibly proud of our heritage in the futures industry spanning nearly 111 years, along with the clients we've served and the industry we helped grow. We are grateful for the thousands of employees who have met our clients' needs so faithfully for all these years. And now, as we embark on the next chapter of this amazing story, we are confident that StoneX will carry on the important legacy of both firms while building a leading multi-asset global organization for the future.' 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 Company strives to be the one trusted partner for its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 50 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 260,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at . About R.J. O'Brien Founded in 1914, R.J. O'Brien & Associates is one of the leading futures brokerage and clearing firms in the United States, serving more than 75,000 institutional, commercial and individual clients globally, in addition to a network of approximately 300 IBs. RJO services the industry's most expansive global network of IBs, a vast array of middle market firms and many of the world's largest financial, industrial and agricultural institutions. The firm offers state-of-the-art electronic trading and 24-hour trade execution on every major futures exchange worldwide. RJO received the FOW International Award for Non-Bank FCM of the Year for five consecutive years, and the firm and its UK affiliate have earned eight honors from the HFM Global publications (now With Intelligence) in recent years. Press Inquiries: stonex@ Investor Relations Inquiries: Cautionary Note Regarding Forward-Looking Statements Statements in this release that are not historical facts are 'forward-looking' statements and 'safe harbor statements' within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in StoneX's public filings with the Securities and Exchange Commission. Forward-looking statements are based on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements about the benefits of the proposed acquisition of RJO, including expected synergies and future financial and operating results, the plans, objectives, expectations and intentions of StoneX after the acquisition, the expected timing to close the acquisition and the expected use of proceeds of any debt financing. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Therefore, we caution you against relying on any of these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the risks related to the proposed acquisition and the integration of RJO as well as the risks and other factors described in StoneX's periodic reports filed with the Securities and Exchange Commission. In providing forward-looking statements, StoneX is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If StoneX updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements. SNEX-G
Toronto Star
31-07-2025
- Business
- Toronto Star
StoneX Completes Acquisition of R.J. O'Brien, Becoming the Largest Non-Bank FCM in the United States and Enhancing Global Multi-Asset Capabilities
NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) ('StoneX' or the 'Company'), today announced the successful completion of its previously announced acquisition of R.J. O'Brien ('RJO'), the oldest independent futures brokerage in the United States. This transformative acquisition makes StoneX the largest non-bank Futures Commission Merchant ('FCM') in the U.S. and positions the company as a market leader in global derivatives. Founded in 1914, RJO supports over 75,000 client accounts and serves the industry's largest global network of approximately 300 introducing brokers ('IBs'), as well as commercial and institutional clients, and individual investors. RJO brings an attractive financial profile to StoneX, having generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024.
Yahoo
14-04-2025
- Business
- Yahoo
R.J. O'Brien Agrees to Acquisition by StoneX Group
Combination Strengthens Firms' Position as a Leading Futures Brokerage and Clearing Firm CHICAGO and NEW YORK, April 14, 2025 /PRNewswire/ -- R.J. O'Brien & Associates (RJO), the oldest futures brokerage and clearing firm in the United States, announced today that its parent company has reached a definitive agreement with StoneX Group Inc. (NASDAQ: SNEX), to merge all of RJO's global businesses into StoneX, subject to regulatory approvals and customary closing conditions. Upon the closing of the transaction, anticipated in the third quarter of this year, the combined firm will become a leading futures commission merchant (FCM) in the U.S., enhancing its role in the global financial market structure. StoneX is a Fortune 100 company with operations in six continents and a market capitalization of over $3.5 billion. Privately held R.J. O'Brien has offices and affiliates in North America, Europe, the Middle East and Asia. Sean O'Connor, Executive Vice-Chairman of StoneX, said: "This is a transformational transaction for StoneX, establishing us as a leading global derivatives clearing firm and reinforcing our position as an integral part of the global market structure across asset classes. Combining R.J. O'Brien's extensive client network and proven clearing capabilities with StoneX's deep liquidity, innovative OTC hedging solutions and leading risk management infrastructure, we are well-positioned to continue to deliver exceptional services, broader market access and industry-leading solutions to our combined client base. We are very pleased that Gerry Corcoran, who has been the CEO and driving force behind RJO, will continue on with StoneX in a senior leadership role." RJO Chairman and CEO Gerry Corcoran said: "We're extraordinarily excited about this partnership between two great companies that each bring over a century of history in the futures industry and complementary capabilities, products, services and cultures. We both prioritize a profound commitment to our clients and a focus on prudent risk management. RJO's clients will continue to enjoy the same enduring relationships with the brokers they know so well and the high level of service they know they can expect from us. In addition to all the products we offer today, our clients and brokers will have a plethora of new products and services across asset classes available at their fingertips, bringing meaningful new trading and hedging opportunities. At the same time, our organization will benefit from new efficiencies, premier technologies and greater growth potential." Speaking on behalf of the O'Brien family, the majority shareholders in RJO, Board member Bob O'Brien, Jr. said: "This transaction is the right step to take for all of our stakeholders to ensure we carry on the values that have made the firm successful while putting us in the strongest position to compete and meet the challenges of the evolving financial landscape. StoneX was founded just 10 years after my grandfather, John V. McCarthy, started our firm in 1914. Like RJO, it was one of the earliest clearing members of the Chicago Mercantile Exchange. So many of our family members have been privileged to lead the company and provide guidance and counsel. We feel so close to our clients, brokers and employees; they're extended family to us. This merger is the natural next step in the history of the company, and the O'Brien family is enthusiastic about playing a new role as major shareholders in another great company that will build on that legacy." RJO Board member John O'Brien, Jr. said: "My father, John O'Brien, Sr. – and his father before him, Robert J. O'Brien, Sr. – led the firm to new heights. My dad worked harder than anyone I have ever met, and his focus on integrity and profound impact on the business were matched only by how much he loved to talk about and spend time with RJO's clients, brokers and amazing employees. He would be the number one advocate for this transaction because it makes so much sense for all of our stakeholders – from employees and brokers to clients and shareholders. My father always said, 'If you're not growing, you're dying.' Gerry has done an incredible job leading the company and driving growth for over two decades while remaining true to our family's principles. He found just the right home for us with StoneX. Both RJO and StoneX have remained leaders in the industry, evolving with the times and expanding to ensure clients were best served. Moving forward together is the best way to stay a leader in this space and operate at an even higher level." Broadhaven Capital Partners is serving as exclusive financial advisor to RJO, and Mayer Brown LLP is serving as its legal advisor. The StoneX announcement about the transaction can be found at StoneX will host a conference call to discuss the transaction today at 9:00 a.m. Eastern time. A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form on-line on the StoneX corporate web site at approximately ten minutes prior to the start time. Participants may preregister for the conference call here. About R.J. O'Brien Founded in 1914, R.J. O'Brien & Associates is the oldest independent futures brokerage and clearing firm in the United States, serving more than 75,000 institutional, commercial and individual clients globally, in addition to a network of approximately 300 introducing brokers (IBs). RJO services the industry's most expansive global network of IBs, a vast array of middle market firms and many of the world's largest financial, industrial and agricultural institutions. The firm offers state-of-the-art electronic trading and 24-hour trade execution on every major futures exchange worldwide. RJO received the FOW International Award for Non-Bank FCM of the Year for five consecutive years, and the firm and its UK affiliate have earned eight honors from the HFM Global publications (now With Intelligence) in recent years. 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 Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their 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 more than 4,400 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 70 offices spread across six continents. Further information on the Company is available at View original content to download multimedia: SOURCE R.J. O'Brien & Associates Sign in to access your portfolio
Associated Press
14-04-2025
- Business
- Associated Press
StoneX to Acquire R.J. O'Brien, Creating a Market Leader in Global Derivatives
NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) -- StoneX Group Inc. (NASDAQ: SNEX) ('StoneX') today announced that it has entered into a definitive agreement to acquire R.J. O'Brien ('RJO'), the oldest futures brokerage in the U.S., for an equity value of approximately $900 million. The purchase price will be paid in a combination of cash and shares of StoneX common stock. StoneX will also assume up to $143 million of RJO debt. The acquisition significantly strengthens StoneX's position as a leading FCM and enhances its role as an essential part of the global financial market structure, offering institutional grade execution, clearing, custody, and prime brokerage across all asset classes. With over 110 years of futures and clearing expertise, RJO, through its FCM and global affiliates, supports over 75,000 client accounts and serves the industry's largest global network of introducing brokers ('IBs'), as well as commercial and institutional clients, and individual investors. As a result of the acquisition, RJO's clients will benefit from StoneX's extensive range of markets, products, and services, including an expansive over-the-counter ('OTC') hedging platform, physical commodities hedging, financing, and logistic services, as well as access to deep liquidity across fixed income products. The acquisition expands StoneX's client float by nearly $6 billion, adds nearly 300 IBs to its network, and is projected to increase cleared listed derivatives volume by ~190 million contracts annually. RJO brings an attractive financial profile to StoneX, having generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024. Sean O'Connor, Executive Vice-Chairman of StoneX, commented on the transaction: 'This is a transformational transaction for StoneX, establishing us as a leading global derivatives clearing firm and reinforcing our position as an integral part of the global market structure across asset classes. Combining R.J. O'Brien's extensive client network and proven clearing capabilities with StoneX's deep liquidity, innovative OTC hedging solutions, and leading risk management infrastructure, we are well-positioned to continue to deliver exceptional services, broader market access, and industry-leading trading solutions to our combined client base. We are very pleased that Gerry Corcoran, who has been the CEO and driving force behind RJO, will continue on with StoneX in a senior leadership role.' Gerry Corcoran, Chairman and CEO of RJO, spoke to the significance of the deal: 'We're extraordinarily excited about this partnership between two great companies that each bring over a century of history in the futures industry and complementary capabilities, products, services, and cultures. We both prioritize a profound commitment to our clients and a focus on prudent risk management. In addition to all the products we offer today, our clients and brokers will have a plethora of new products and services across asset classes available at their fingertips, bringing meaningful new trading and hedging opportunities. At the same time, our organization will benefit from new efficiencies, premier technologies, and greater growth potential.' Financing, Balance Sheet Impact, and Approvals StoneX is acquiring RJO for approximately $900 million in equity value, comprised of $625 million in cash and approximately 3.5 million shares of StoneX common stock, each subject to customary purchase price adjustments. StoneX has obtained fully committed bridge financing for the cash portion of the consideration and plans to issue approximately $625 million of long-term debt prior to the closing date. The transaction is expected to close in the second half of 2025, subject to regulatory approvals and customary closing conditions. Advisors Bank of America is acting as exclusive financial advisor to StoneX and is providing committed debt financing for the acquisition. Davis Polk & Wardwell LLP is serving as StoneX's legal counsel. Broadhaven Capital Partners is acting as exclusive financial advisor to RJO, and Mayer Brown LLP is serving as its legal advisor. Webcast and Conference Call Information The Company will host a conference call to discuss the transaction today at 9:00 a.m. Eastern time. A live webcast of the conference call as well as additional information to review during the call will be made available in PDF form online on the Company's corporate website at approximately ten minutes prior to the start time. Participants may preregister for the conference call here. 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 Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their 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 more than 4,600 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at About R.J. O'Brien Founded in 1914, R.J. O'Brien & Associates is one of the leading futures brokerage and clearing firms in the United States, serving more than 75,000 institutional, commercial and individual clients globally, in addition to a network of approximately 300 IBs. RJO services the industry's most expansive global network of IBs, a vast array of middle market firms and many of the world's largest financial, industrial and agricultural institutions. The firm offers state-of-the-art electronic trading and 24-hour trade execution on every major futures exchange worldwide. RJO received the FOW International Award for Non-Bank FCM of the Year for five consecutive years, and the firm and its UK affiliate have earned eight honors from the HFM Global publications (now With Intelligence) in recent years. Cautionary Note Regarding Forward-Looking Statements Statements in this release that are not historical facts are 'forward-looking' statements and 'safe harbor statements' within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in StoneX's public filings with the Securities and Exchange Commission. Forward-looking statements are based on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements about the benefits of the proposed acquisition of RJO, including expected synergies and future financial and operating results, the plans, objectives, expectations and intentions of StoneX after the acquisition, the expected timing to close the acquisition and the expected use of proceeds of any debt financing. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Therefore, we caution you against relying on any of these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the risks related to the proposed acquisition and the integration of RJO as well as the risks and other factors described in StoneX's periodic reports filed with the Securities and Exchange Commission. In providing forward-looking statements, StoneX is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If StoneX updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements. Media Contact: Cognito Media [email protected] Investor Relations Inquiries: Kevin Murphy (212) 403 - 7296 [email protected] SNEX-G
