INTL FCStone Agrees to Acquire MF Global's Metals Division
INTL FCStone Inc. (Nasdaq: INTL), today announced that INTL FCStone (Europe) Limited, its wholly owned subsidiary in the United Kingdom, has agreed to acquire the Metals Division of MF Global UK Limited. As part of this transaction, INTL FCStone (Europe) has received approval from the London Metal Exchange to upgrade its LME Category Two membership to LME Category One ring dealing membership.
The Metals Division, headed by Fred Demler, has more than 50 professional staff based in London, New York, Hong Kong and Sydney, and has long-standing client relationships throughout the world. The Metals Division is a leading LME ring dealing member providing execution and clearing of LME products and OTC products to assist commercial customers in hedging their price risk in metals markets. The Metals Division also serves institutional investors and financial services firms in the Americas, Europe, and the Asia-Pacific region. Demler will assume leadership of INTL FCStone's global metals LME futures and derivatives business.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.