Fillmore Advisors

INTL FCStone to Acquire German FX and Hedging Service GIROXX

INTL FCStone has executed a sale and purchase agreement to acquire Giroxx GmbH in Frankfurt, Germany, pending approval from the country’s financial watchdog BaFin.

Giroxx’s digital platform provides online payment and foreign exchange hedging services to small and medium-sized enterprises (SME’s) in Germany, Austria, and Switzerland. As INTL FCStone offers a wide range of financial services including advisory and execution services in commodities, the synergy will allow it to be offered to GIROXX’s corporate client base. The deal aims to secure INTL FCStone clients’ continuity of service and market access in order to be 100% unaffected by Brexit.

Carsten Hils, Global Head of INTL FCStone’s Global Payments Division, commented: “Our objective is to offer SME’s the ability to hedge all parts of
their production processes, and to allow these corporates to have access to a digital payments and hedging platform. We are clearly one of the first in this market segment to offer such a comprehensive offering and we are excited about this opportunity.”

Klaus Hoffmann and Jörg Sonnenschein, both Founders and Managing
Directors of GIROXX said: “We are very excited about becoming part of such a successful financial group, which we see as essential to expand our product.
Additionally, we gain the resources to offer hedging services on a multi assets basis with a balance sheet which will help solidify our client base and to expand at a faster pace.”

INTL FCStone’s Global Payments Division facilitates payments in more than 140 local currencies in over 175 countries. The Division maintains an extensive network of approximately 350 local correspondent banking relationships worldwide.

In November 2019, Spotex signed INTL FCStone Markets to provide prime services enabling clients to access Spotex’s institutional ECN. The firm’s wholesale and institutional liquidity is facilitated by leading bank FX prime brokers, prime-of-prime brokers, and prime service providers. The developer of foreign exchange (FX) modular technology systems has recently partnered with J.P. Morgan and NatWest Markets as the firm increasingly caters to the brokerage and fund manager market segments.

In January 2019, INTL FCStone secured the necessary regulatory approval from US regulator SEC in connection to the acquisition of GMP Securities LLC, which expands the firm’s client base with a wave of over 2,400 institutional participants. INTL FCStone’s product offering includes commodities, derivatives, FX and global payments and the deal allowed the company to expand its current fixed income product portfolio.

In July 2019, the firm acquired Utah based outsourced trading firm Fillmore Advisors, one of the leading independent firms in the financial industry which specializes in outsourced trading solutions.

The deal allowed the firm to serve its institutional clients with better service offerings and benefits as owing to comprehensive product coverage offerings available at Fillmore Advisors on a wide range of assets covering equities, forex pairs, commodities, credits, and rates.