INTL FCStone Inc. (NASDAQ:INTL), a commodities and FX market maker, has onboarded a new veteran to its which serves a client segment that includes banks, hedge funds, and other buy-side institutions in the $5tn a day global currency market.
According to financial recruitment outlet eFinancialCareers, Lindsay Sine, former branch manager of Goldman Sachs’ prime brokerage unit at Chicago was taken over by the Atlanta-based trading and clearing specialist. She joins Cowen’s executives who have joined INTL FCStone last year to establish its new US prime services business.
New entrants to the prime brokerage market
The service caters to clients who do not have an , or that need additional credit lines to access either liquidity or execution services. The exit of legacy players in the prime brokerage space will allow new offerings, such as FCStone’s product, to rapidly gain customers and fill the void.
The increase in banking regulation, which mandates increased minimum levels of capital and increases in reporting expenses, has resulted in a lot of banks leaving the prime broking space.
, through its subsidiaries, is a provider of execution, risk management and advisory services, market intelligence, and clearing services. The origins of the company date back to 1924, and currently serves institutional clients by providing them with access to blue chip international securities and ADRs.
During 2017 alone, the company was attributed a combined $29 billion in OTC trading, which accounted for 15 percent of all OTC value reported.
Last year, investors of filed loss recovery claims against INTL FCStone as recent volatility in U.S. energy markets caused their accounts to be liquidated
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