StoneX Finalizes RJO Acquisition, Becomes Largest U.S. Non-Bank Futures Commission Merchant

(RTTNews) - StoneX Group Inc. (SNEX) has completed its acquisition of R.J. O'Brien, the oldest independent futures brokerage in the U.S., solidifying its position as the largest non-bank Futures Commission Merchant - FCM in the country and a global leader in derivatives.

Established in 1914, RJO manages over 75,000 client accounts and operates one of the largest networks of introducing brokers, alongside serving institutional, commercial, and retail clients. In 2024, RJO recorded $766 million in revenue and $170 million in EBITDA, contributing a strong financial foundation to the merged entity.

Following the acquisition, StoneX now provides clients with access to nearly all major global derivatives exchanges and boasts a broad multi-asset platform. RJO clients gain new access to StoneX's suite of services, including OTC hedging, commodity trading and logistics, and fixed income markets.

The integration aims to drive $50 million in expense reductions and unlock another $50 million in capital synergies. Cross-selling between OTC derivatives, commodity trading, and fixed income is expected to create further revenue upside. With the addition of nearly $6 billion in client float, StoneX anticipates margin improvements, stronger return on equity, and earnings accretion.

StoneX's Executive Vice-Chairman Sean O'Connor highlighted the merger as a pivotal moment, emphasizing the combined 200 years of expertise and the expanded global financial infrastructure the deal creates.

CEO Philip Smith noted the strategic benefits of scale, broader client reach, and complementary technologies, stating that the integration would enhance their capabilities across multiple asset classes.

RJO CEO Gerry Corcoran shared his optimism about maintaining RJO's client-focused service culture while gaining scale and resources through StoneX.

Board member John O'Brien Jr., representing RJO's majority shareholders, praised the firm's 111-year legacy and expressed confidence that StoneX would honor that heritage while building a leading global multi-asset platform.

Thursday, SNEX closed at $97.24, down 0.57%, and rose to $97.60 after hours, up 0.37% on the NasdaqGS.