U.S.-based broker INTL FCStone has agreed to acquire the ring dealing seat on the London Metal Exchange formerly held by MF Global in its latest step to beef up its metals business, industry sources said on Wednesday.The purchase heralds the entrance of a new ring dealing member to the exchange, the first in four years.It also burnishes the credentials of the LME's open outcry ring as it faces rising competition from Asian exchanges and just as it prepares to open its books to a number of potential suitors.FCStone, a Fortune 500 company, is one of six futures commission merchants (FCMs) selected to take the accounts of MF Global in the United States since it filed for bankruptcy earlier this month.
INTL FCStone Inc., formerly International Assets Holding Corporation, along with its subsidiaries, provides risk management consulting services to mid-sized commercial customers, as well as provides foreign exchange and treasury services, securities execution, physical commodities trading services and execution in both listed futures and option contracts, as well as structured over-the counter products in a range of commodities. Shares of INTL fell by 0.32% or $-0.08/share to $24.74. In the past year, the shares have traded as low as $17.84 and as high as $27.25. On average, 56600 shares of INTL exchange hands on a given day and today's volume is recorded at 21036.
