Broker INTL FCStone has agreed to acquire the ring dealing seat on the London Metal Exchange formerly held by MF Global, industry sources said on Wednesday.Such a purchase would burnish the credentials of the LME's open outcry ring, the last of its kind in Europe, which has faced rising competition from growing exchanges in the Far East.It also heralds the entrance of a new ring dealing member, the first in four years.INTL FCStone has been adding muscle in the metals space, having bought UK-based broker Ambrian Commodities in April and obtained approval to be a Category 2 member of the LME at the end of September.
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 1.33% or $-0.33/share to $24.49. 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 12811.
