INTL FCStone Inc. (Nasdaq:INTL), today announced that INTL Holding (UK) Limited, a wholly owned subsidiary in the United Kingdom, has signed a sale and purchase agreement to acquire TRX Futures Limited from Neumann Gruppe GmbH. Closing is conditional upon approval of the Financial Services Authority. TRX Futures is a London-based brokerage and clearing firm for commercial coffee and cocoa customers, as well as energy and financial products. Its clients will benefit from INTL FCStone's infrastructure, commodities expertise and comprehensive array of exchange traded and over-the-counter products. As a clearing member of NYSE Liffe and ICE Futures Europe, TRX will add to INTL FCStone's existing clearing memberships, which include the London Metal Exchange.
Philip Smith, Chief Executive of INTL Holding (UK), commented, "We're thrilled at the prospect of adding the TRX team to our lineup. This acquisition represents a tremendous opportunity to enhance our capabilities in the soft commodities space with a unique team of commodity risk management professionals. In addition to their experience and expertise, TRX brings a wealth of customer relationships that we believe will benefit from being served by INTL FCStone."
Oscar Schaps, INTL FCStone's Managing Director of Global Soft Commodities, said, "This is a great chance to introduce TRX's customers to the scope of products and services offered by INTL FCStone, including exchange clearing and execution; sophisticated structured risk management solutions; corporate advisory services; foreign exchange and treasury services; and a wide variety of other financial services. INTL FCStone's commitment to mid-market commercial customers will serve these customers well."
