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• Like Interactive Brokers for global commodities and foreign exchange trading for businesses.
• The commodities and foreign exchange trading arm of a major bank like JPMorgan, but as an independent firm.

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• Commercial Hedging: Provides risk management solutions to businesses exposed to commodity price volatility, including derivatives and customized strategies.
• Global Payments: Offers efficient cross-border payment and foreign exchange services for businesses, financial institutions, and NGOs worldwide.
• Securities: Facilitates trading and investment in equities, fixed income, prime brokerage, and other capital markets products for institutional clients.
• Physical Commodities: Engages in the trading, financing, and logistics of physical precious metals, energy, and agricultural products.
• Futures & Options: Provides execution and clearing services for exchange-traded futures and options across various asset classes for institutional and professional clients.
• Forex (FX) & CFDs: Offers institutional and retail clients access to foreign exchange markets and Contracts for Difference (CFDs) trading.

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StoneX Group Inc. (SNEX) primarily serves other companies and institutions across its global financial services operations. However, due to the nature of its business, which involves a vast and diverse client base spanning numerous sectors and geographies, StoneX **does not publicly disclose the names of its individual major customers.** Client confidentiality is paramount in the financial services industry, and StoneX's business model is built on providing broad market access and risk management solutions to a multitude of clients rather than being dependent on a few named key accounts.

Instead, StoneX categorizes its customers into several broad segments, primarily consisting of other businesses and institutions. These major categories of customers include:

• Commercial Clients: These are businesses involved in the production, processing, merchandising, and consumption of physical commodities (e.g., agriculture, energy, metals). They utilize StoneX for hedging, risk management, and market access solutions to manage price volatility and supply chain risks. These clients span various industries, from farming cooperatives to large energy companies and food manufacturers.

• Institutional Clients: This category encompasses a wide range of financial institutions such as investment banks, hedge funds, asset managers, pension funds, proprietary trading firms, and broker-dealers. They rely on StoneX for services like prime brokerage, clearing, execution, market making, and sophisticated trading platforms across multiple asset classes (equities, fixed income, foreign exchange, commodities).

• Financial Professional and Introducing Broker Clients: StoneX provides services to other financial professionals, including introducing brokers (IBs), family offices, and wealth managers, enabling them to offer StoneX's products and services to their own client base.

While StoneX also serves individual retail customers through its dedicated platforms (e.g., FOREX.com, City Index) for foreign exchange and CFD trading, its core business operations and revenue drivers are primarily focused on the commercial and institutional sectors.

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Philip Smith, Group Chief Executive Officer

Philip Smith was appointed Group Chief Executive Officer of StoneX Group Inc. in December 2024. He joined the company in 2004 following its acquisition of Global Currencies Ltd, a UK-based foreign exchange payments company. Mr. Smith joined Global Currencies in 1996 and was elected to its board in 1999, becoming CEO of INTL Global Currencies Ltd after the acquisition until its consolidation into StoneX Financial Ltd in 2014. Prior to his current role, he served as Chief Executive Officer of StoneX Financial Ltd with regional responsibility for EMEA and had global responsibility for the Commercial and Payments business segments.

William J. Dunaway, Chief Financial Officer

William J. Dunaway was appointed Chief Financial Officer of StoneX Group Inc. (formerly INTL FCStone) in October 2009, following the merger between International Assets Holding Company and FCStone. Before the merger, he held the position of Chief Financial Officer of FCStone from January 2008. Mr. Dunaway has over 25 years of industry experience with StoneX and its predecessor companies.

Sean O'Connor, Executive Vice-Chairman of the Board of Directors

Sean O'Connor, the former Chief Executive Officer, will transition to Executive Vice-Chairman of the Board of Directors in December 2024. He invested in the company and assumed management control as Chief Executive Officer in October 2002, serving as CEO for 22 years. He was also appointed President in October 2015. From 1994 to 2002, Mr. O'Connor served as Chief Executive Officer of Standard New York Securities, a division of Standard Bank, and from 1999 to 2002, he was an Executive Director of Standard Bank London, Ltd. Mr. O'Connor also co-founded a broker-dealer with Scott Branch.

Charles Lyon, Group President

Charles Lyon was appointed Group President in December 2024. He has had global responsibility for the Institutional business segment and served as Chief Executive Officer of StoneX Financial Inc. since December 2012. Mr. Lyon held various roles for predecessor companies from 1999 to 2004 and was Head of Securities Trading and Sales as well as Head of Equity Capital Markets of StoneX Financial Inc. from 2004 to 2012.

Stuart Davison, Chief Operating Officer

Stuart Davison was appointed Chief Operating Officer in July 2024. He previously served as Deputy Chief Operating Officer and Chief Operating Officer of EMEA at StoneX Group Inc. Mr. Davison has been with the company since 2012.

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The key risks to StoneX (SNEX) business operations include elevated financial leverage, dependence on market conditions and volatility, and the integration risk from its recent acquisitions.

The company faces concerns regarding its elevated financial leverage, with a moderately higher-than-average debt load for the capital markets sector, and a debt-to-equity ratio indicating significant debt. This reliance on debt to fuel expansion can create a substantial financial burden, directly affecting cash flow and potentially leading to liquidity issues during market downturns.

StoneX's performance is highly dependent on market conditions and volatility, particularly in the commodities, securities, and foreign exchange markets. Fluctuations in these markets can significantly impact the company's principal gains, commission fees, and net operating revenues. Additionally, the company is exposed to credit risk and the potential for default by counterparties, which could adversely affect its financial results.

The integration risk from recent large acquisitions, such as R.J. O'Brien and The Benchmark Company, presents another significant challenge. While acquisitions support growth and expanded market reach, the successful integration of these new entities is crucial, as integration issues can directly impact cash flow and investor confidence.

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The emergence of decentralized finance (DeFi) platforms and blockchain-based payment solutions presents a clear emerging threat to StoneX's traditional financial services model. These technologies aim to disintermediate traditional financial intermediaries by offering peer-to-peer, transparent, and potentially lower-cost alternatives for services such as cross-border payments, derivatives trading, and clearing. While still maturing and facing regulatory hurdles, the continued development and adoption of stablecoins, Central Bank Digital Currencies (CBDCs), and decentralized exchanges (DEXs) for derivatives and other financial instruments could erode StoneX's market share in its Global Payments, Futures, Forex, and Derivatives Clearing segments by offering alternative, more efficient infrastructure for financial transactions.

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Global Payments:

• The global foreign exchange market, which underpins StoneX's global payments and foreign exchange services, was valued at USD 762.67 billion in 2023 and is anticipated to exceed USD 1462.67 billion by 2033, growing at a compound annual growth rate (CAGR) of 6.73% from 2023 to 2033.
• Another estimate indicates the foreign exchange market size is projected to increase by USD 582 billion, at a CAGR of 10.6% from 2024 to 2029. StoneX facilitates payments in over 140 currencies across more than 180 countries.

Commercial Hedging and Commodities:

• The global commodity services market, which includes aspects of commercial hedging and physical commodities trading, was estimated at USD 3.56 billion in 2024 and is projected to grow to approximately USD 8.16 billion by 2034, with a CAGR of 8.65% from 2025 to 2034. This market covers commodities such as oil, gas, metals, and agricultural items. North America currently holds the largest share of this market.
• StoneX has deep roots in commodities, offering solutions for dairy, metals, grains, energy, and plastics, among others. They also engage in physical trading in select commodities, precious and base metals trading.

Securities (Equities, Fixed Income, ETFs):

• StoneX provides a comprehensive suite of equities trading services, fixed income, and interest rate hedging solutions globally. They offer access to nearly every global securities marketplace. While a specific overall market size for their diverse securities offerings wasn't explicitly stated as a single figure in the search results, the institutional securities and derivatives market is global, with StoneX being a liquidity provider across various asset classes.

StoneX operates globally, serving over 54,000 institutional, commercial, and payments clients, along with over 260,000 self-directed accounts across six continents.

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StoneX Group (NASDAQ: SNEX) is poised for future revenue growth over the next 2-3 years, driven by a combination of strategic acquisitions, increased market volatility and client engagement, and the expansion of its product offerings and institutional segment.

Here are 3-5 expected drivers of future revenue growth:

1. Strategic Acquisitions and Expanded Market Presence: StoneX has actively pursued and completed significant acquisitions, such as R.J. O'Brien and The Benchmark Company, LLC, as well as Plantureux et Associés. These acquisitions are intended to enhance its capital markets offerings, expand its global derivatives leadership, and broaden its client base across various segments, including European commodities markets. For instance, R.J. O'Brien is expected to position StoneX as a market leader in global derivatives.
2. Increased Market Volatility and Client Engagement: The company has historically benefited from market volatility, particularly in areas like equities, energy, and agricultural commodities. Increased volatility, coupled with robust client acquisition and engagement, has been highlighted as a key factor in driving performance in its securities and FX/CFD businesses.
3. Expansion of Product and Service Offerings: StoneX is continuously expanding its product portfolio and capabilities to attract a wider client base and increase its total addressable market. Recent initiatives include launching new agricultural contracts, OTC dairy derivatives, and expanding wealth management offerings for Latin American clients. The company is also exploring new areas such as crypto.
4. Growth in the Institutional Segment: The institutional segment has been a consistent driver of revenue growth, demonstrating record performance. This segment's growth is attributed to factors like strategic acquisitions and StoneX's ability to leverage market volatility, particularly in equity markets. The company's focus on tailored solutions for commodity price swings, interest rate fluctuations, and currency exposure has also strengthened its position with commercial and institutional clients.

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Share Repurchases

• StoneX Group Inc. authorized a new share repurchase program for fiscal year 2026 to buy back up to 2.25 million shares of its common stock, commencing October 1, 2025, and ending September 30, 2026.
• An existing authorization, approved on August 28, 2024, allowed for the repurchase of up to 1.5 million shares and is set to expire on September 30, 2025.

Share Issuance

• Approximately 3.1 million shares were issued as part of the purchase price for the acquisition of R.J. O'Brien, increasing the share count by about 6%.
• The company completed a three-for-two stock dividend on March 21, 2025.

Outbound Investments

• StoneX completed the transformative acquisition of R.J. O'Brien, a futures brokerage, by the end of July 2025, in a deal valued at $900 million, exceeding $1 billion with assumed debt.
• In August 2020, StoneX acquired GAIN Capital Holdings, Inc., significantly increasing its penetration into the retail trading segment.
• The company made several strategic acquisitions in 2025, including Plantureux et Associés to strengthen its European presence, Intercam Advisors and Intercam Securities to expand wealth management in Latin America, Right Corporation for wholesale meat supply and distribution, and The Benchmark Company to enhance investment banking capabilities.

Capital Expenditures

• Capital expenditures on property and equipment have been steady, reflecting continued investment in operational capacity.
• Depreciation and amortization, an indicator of capital investment, was $51.0 million in fiscal year 2024, $53.1 million in fiscal year 2023, and $23.5 million in fiscal year 2022.