StoneX Group completed its acquisition of Octo
Finances, a Paris-based fixed-income brokerage, in its latest effort to boost
its European presence. The acquisition deal reportedly expands StoneX’s offerings in bond and convertible sales, debt capital markets, and credit research, adding new capabilities to its fixed-income division.
Expanding Fixed Income
Octo Finances, founded in 1991, focuses on bond trading and credit research. According to the announcement, the addition of Octo Finances strengthens StoneX’s capability to serve institutional clients with fixed-income solutions.
Anthony Di Ciollo, Global Head of Fixed Income at
StoneX, expressed optimism about the acquisition, saying: “We’re thrilled to
officially welcome Octo Finances to StoneX Group and believe the company will
provide us with significant new capabilities. Our joint planning is well
underway, and we are excited by the opportunities for growth for the combined
business in Europe.”
Octo Finances is joining team StoneX!We are thrilled to announce an agreement to acquire Octo Finances, a leader in financial intermediation in Europe, specializing in the public and private bond markets. The acquisition will further our capabilities in Europe and fortify our… pic.twitter.com/J9JP29kYYx
— StoneX Group Inc. (@StoneX_Official) September 18, 2024
StoneX operates a global financial services network,
providing trading, execution, and risk management services. The company now
aims to integrate Octo Finances’ expertise to offer a more robust suite of
services to its European clients.
Strengthening Presence in Europe
In another move to boost operations in Europe, StoneX
Group’s digital asset division secured a license from Ireland’s central bank as
a virtual asset service provider. The permission was reportedly granted to the
company’s locally established StoneX Digital International, which can
reportedly operate as a digital asset business, offering services to
institutional clients.
Announcing the move, Brian Mulcahy, the CEO of StoneX
Digital, said: “StoneX Digital International Limited’s new status as a VASP
underscores our dedication to supporting our global client base with secure,
compliant, and reliable solutions in the rapidly changing digital asset
landscape.” “This approval continues the expansion of our services into
evolving markets and helps meet the growing demand for institutional-grade
digital asset capabilities.”
Meanwhile, StoneX Group brought Philip Smith as the Group Chief Executive Officer towards the end of last year, succeeding Sean O’Connor, who transitioned to Executive Vice-Chairman after serving as CEO for 22 years. Smith, who previously led the Commercial and Payments segments, was reportedly picked to manage the entire firm. The leadership changes also saw Charles Lyon, former head of the Institutional business segment, named Group President.
This article was written by Jared Kirui at www.financemagnates.com.
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