INTL FCStone Inc. to Acquire Control of Cleartrade Exchange
NEW YORK and SINGAPORE, May 14, 2013 (GLOBE NEWSWIRE) -- INTL FCStone Inc.
(Nasdaq:INTL), a provider of execution and advisory services in commodities,
currencies and international securities, today announced that it has agreed
with Cleartrade Exchange (CLTX) to acquire immediate voting control and the
right to acquire up to 90% of equity interest over a five-year period.
Completion of this transaction is subject to final stages of due diligence and
fulfillment of certain conditions.
CLTX is a regulated futures market, providing an electronic global marketplace
for commodity futures and OTC cleared derivatives. It is a Recognised Market
Operator (RMO) regulated by the Monetary Authority of Singapore (MAS). The
company provides traders, brokers and hedge funds with an electronic orderbook
and block trade facility, trade processing, reporting and straight through
processing to multiple clearing houses.
"CLTX has rapidly succeeded in becoming an important execution venue for
commodity derivatives. We are very impressed with their technical, operational
and regulatory implementations undertaken to meet the demands of the changes
in global derivatives regulations driven by Dodd-Frank and other G20 mandates.
We are looking to leverage our broad global customer base, focused on
commercial hedgers, and our expertise in commodities to support the expansion
of the Cleartrade Platform. We look forward to working with Richard Baker and
his team to realize CLTX's significant potential," said Scott Branch,
President of INTL FCStone.
Richard Baker, Chief Executive Officer of CLTX, said, "I am delighted to have
reached this agreement with INTL FCStone. This deal concludes the share issue
objectives as outlined in our announcement of 28^th February 2013. Following
discussions with a number of interested parties we concluded that INTL FCStone
was the best partner for CLTX in terms of corporate business synergies of both
products and services. CLTX will benefit from leveraging their global business
presence and reach. This relationship will deliver the foundations for the
growth plans for CLTX and will enhance the trading opportunities for our
current and future members. Since the inception of CLTX, it was always our
intention to undertake such a partnership at this stage in our strategic
CLTX was founded in February 2010 and began operations in March 2011, when it
received its regulatory licence. It now has more than 30 trading members,
offering 43 commodity contracts, electronic connections to LCH.Clearnet, SGX
and NOS and price distribution via desktop and mobile.
Baker adds: "We were very impressed with the approach and the business ideas
that the INTL FCStone executive team brought to the table. Importantly, while
both parties will look to explore a range of short- and long-term business
synergies, CLTX will retain its autonomy as a regulated exchange with the
continued implementation of exchange-related initiatives for the benefit of
its exchange members and the market in general."
About Cleartrade Exchange
Cleartrade Exchange (CLTX) is a regulated futures market providing an
electronic global marketplace for commodity futures and OTC cleared
derivatives. Cleartrade Exchange is a Recognised Market Operator (RMO)
regulated by the Monetary Authority of Singapore (MAS) and clients include
traders, brokers, banks and hedge funds. The company provides an electronic
orderbook and block trade facility, trade processing and reporting and
straight through processing to multiple clearing houses. Cleartrade Exchange
is incorporated in Singapore with offices in London.
For more information visit: www.thecleartrade.com
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About INTL FCStone Inc.
INTL FCStone Inc. (INTL) provides execution and advisory services in
commodities, currencies and international securities. INTL's businesses, which
include the commodities advisory and transaction execution firm FCStone Group,
serve more than 20,000 customers in more than 100 countries through a network
of offices in twelve countries around the world.
Further information on INTL is available at www.intlfcstone.com.
Forward Looking Statements
This press release includes forward-looking statements including statements
regarding the combined company. All statements other than statements of
current or historical fact contained in this press release are forward-looking
statements. The words "believe," "expect," "anticipate," "should," "plan,"
"will," "may," "could," "intend," "estimate," "predict," "potential,"
"continue" or the negative of these terms and similar expressions, as they
relate to INTL FCStone Inc., are intended to identify forward-looking
These forward-looking statements are largely based on current expectations and
projections about future events and financial trends that may affect the
financial condition, results of operations, business strategy and financial
needs of the company. They can be affected by inaccurate assumptions,
including the risks, uncertainties and assumptions described in the filings
made by INTL FCStone Inc. with the Securities and Exchange Commission. In
light of these risks, uncertainties and assumptions, the forward-looking
statements in this press release may not occur and actual results could differ
materially from those anticipated or implied in the forward-looking
statements. When you consider these forward-looking statements, you should
keep in mind these risk factors and other cautionary statements in this press
These forward-looking statements speak only as of the date of this press
release. INTL FCStone Inc. undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Accordingly, readers are cautioned not to place undue
reliance on these forward-looking statements.
CONTACT: Editorial contact
Alla Lapidus/John Norris
Tel: +44 (0)20 7250 4770
Email: firstname.lastname@example.org / email@example.com
INTL FCStone Inc.
Director of Public Relations
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