StoneX completed the acquisition of Gain Capital in August 2020 in a $36 million deal. To execute its plan for the merger of GAIN’s UK operations, the company preparing to mitigate its exposure to the British Pound in the Gain subsidiaries. As part of its strategy, StoneX increased the US dollar balances in the Gain subsidiaries and utilized derivative transactions to mitigate the remaining British Pound exposure.
Sean M. O’Connor, CEO of StoneX Group Inc., commented:
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Q1 was a solid start to the new fiscal year with all our segments showing growth in both operating revenues and segment income, despite generally lower trending volatility and significantly lower interest rates.
We saw strong growth in customer volumes, new account activity and customer float. We have made good progress on integrating Gain, including realizing cost synergies, and are actively developing revenue synergy opportunities.
