StoneX Financial Ltd Becomes Member of Platinum Group Metals Auction
StoneX Group (NASDAQ: SNEX) announced that its subsidiary, StoneX Financial Ltd (SFL), has joined the Platinum Group Metals auction at the London Metal Exchange (LME). This makes SFL the first non-bank member of all major precious metals auctions in London, including the IBA Gold and Silver auctions. Barry Canham, head of the Metals Division, expressed excitement about this milestone, highlighting strong customer demand and the supportive relationship with the LME. The new membership will enhance SFL’s trading capabilities and contribute to price discovery in the metals market.
- SFL becomes the first non-bank member of all major precious metals auctions in London.
- Strengthens customer relationships by meeting demand for participation in PGM auctions.
- Membership enhances trading capabilities and price discovery in precious metals.
- None.
LONDON, Feb. 10, 2022 /PRNewswire/ -- StoneX Group Inc. (NASDAQ:SNEX) today announced that its London-based subsidiary, StoneX Financial Ltd ("SFL"), has become a member of the Platinum Group Metals ("PGM") auction administered by The London Metal Exchange ("LME"). This membership will make SFL the first non-bank to participate in all the major precious metals auctions in London.
Barry Canham, Global Head of StoneX Financial Ltd's Metals Division, commented on today's news, "We are excited to join the Platinum Group Metals auction as it marks another significant milestone for our precious metals business. We've had a strong relationship with the LME primarily on the Base Metal side of the business, so joining the PGM auction was a natural progression as we are already members of the IBA Gold and Silver auctions. Our customers expressed a continued desire for us to become members and the LME has been incredibly supportive throughout the entire process."
StoneX Financial Ltd's Metals Division provides clients with full-service trading capabilities and global access to the metals markets. SFL specializes in serving bullion wholesalers and traders, refiners and smelters, government agencies, banks & financial institutions, jewelry manufacturers, and other industrial users of precious metals. The LME's PGM auction and IBA's Gold and Silver auctions are hosted on a daily basis to auction off platinum, palladium, gold, and silver. With their membership to the LME's PGM auction, StoneX Financial Ltd. is now the only non-bank to be a member of all the major precious metals auctions in London.
"We are delighted to welcome StoneX Financial Ltd as the newest PGM auction participant. StoneX brings with it a wealth of experience in precious metals trading along with a global network of clients, which will provide further breadth to the price-discovery process," concluded Robin Martin, Head of Market Development at the LME.
About StoneX Group Inc.
StoneX Group Inc. (formerly INTL FCStone Inc.), through its subsidiaries, connects clients with the global markets across all asset classes – providing execution, post-trade settlement, clearing and custody services through one trusted partner. Clients use its global financial services network to pursue trading opportunities, make investments, manage their market risk, and improve their performance. A publicly traded company (NASDAQ:SNEX) headquartered in New York City, StoneX Group Inc. and its 3,000 employees serve more than 35,000 commercial and institutional clients, and 340,000 active retail accounts, from approximately 70 offices spread across six continents.
To learn more about StoneX, please visit: https://www.stonex.com/
Media Contact
Jay A. Morakis
M Group Strategic Communications (for StoneX Group Inc.)
+1 646 859 5951
jmorakis@mgroupsc.com
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SOURCE StoneX Group Inc.
