INTL FCstone Ltd and INTL Global Currencies Ltd are to be placed as one business, based in London
INTL FCStone has today announced that it has received authorization from the UK’s Financial Conduct Authority to consolidate the entire operations of its two British subsidiaries, which are INTL FCStone Ltd and INTL Global Currencies Ltd, both based in London.
Owned by INTL FCStone Inc (NASDAQ:INTL), which is based in North America, these two subsidiaries on the other side of the Atlantic performe seperate tasks as seperate business units until the time that they will be placed as one strategic operation.
London-based INTL FCStone Ltd provides advisory, execution and clearing services to corporate clients across multiple asset classes including FX, as per INTL FCStone Inc in the United States, whereas INTL Global Currencies concentrates its efforts on cross-border global payment processing, with volumes, according to INTL FCStone Inc, of $16 billion per year across 145 different currencies, representing a sunstantial business in the UK, which has a combination of government and private sector remits.
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