US forex broker Forex.com’s owner, StoneX Group Inc. (NASDAQ: SNEX) has completed its landmark acquisition of R.J. O’Brien (RJO), the oldest independent futures brokerage in the United States, in a deal that cements its position as the largest non-bank Futures Commission Merchant (FCM) in the country.
The transaction marks a major milestone in StoneX’s growth strategy, uniting two of the most respected names in the global derivatives industry with more than 200 years of combined experience. The merger significantly expands StoneX’s client network, product suite, and global footprint—benefits that are expected to flow directly to both institutional and retail investors.
Founded in 1914, R.J. O’Brien has long been a pillar of the U.S. futures market, supporting over 75,000 client accounts and a vast network of 300 introducing brokers. The firm reported $766 million in revenue and $170 million in EBITDA for 2024, underscoring its solid financial foundation.
StoneX’s global presence already spans 80 offices on six continents, serving more than 54,000 institutional clients and over 260,000 self-directed retail accounts. Its platform offers end-to-end execution and clearing services across virtually all major financial markets, including equities, fixed income, commodities, and foreign exchange.
“With more than 200 years of combined futures and commodities expertise, we are strengthening StoneX’s role as an integral part of the global financial infrastructure,” said Sean O’Connor, Executive Vice-Chairman of StoneX. “This acquisition creates an unmatched knowledge base and reinforces our position as the counterparty of choice for clients.”
RJO clients will now gain access to StoneX’s wider range of services, including OTC hedging, physical commodities trading, fixed income liquidity, and enhanced execution technologies.
“This transaction significantly expands our scale and increases our capabilities in several critical areas,” said Philip Smith, CEO of StoneX. “The combination of our leading technologies and client-first cultures means we can deliver broader and deeper services across every market cycle.”
Gerry Corcoran, CEO of RJO, echoed the sentiment: “We will continue to deliver the same personalised service our clients know—now with greater reach and resources through StoneX. The cultural alignment makes this a seamless fit.”
The deal is expected to generate \$50 million in cost savings and at least \$50 million in capital synergies. With an additional \$6 billion in client float added through the acquisition, the combined business is also expected to boost margins, ROE, and earnings.
John O’Brien Jr., representing the founding family, added: “As we pass the torch, we’re confident that StoneX will honour RJO’s 111-year legacy and build a global powerhouse for the next century.”
As well as being a major player in the professional and institutional derivatives space, StoneX also owns one of the oldest UK spread betting broker, City Index.
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