international payments services. Securities segment This segment provides value-added solutions that facilitate cross-border trading. The company’s clients include the U.S.-based regional and national broker-dealers and institutions investing or executing client transactions in international markets and foreign institutions seeking access to the U.S. securities markets. The company is a primary market maker in foreign securities, including unlisted American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and foreign ordinary shares. The company makes markets in approximately 1,600 ADRs, GDRs and foreign ordinary shares, of which approximately 1,300 trade in the OTC market. In addition, the company would, on request, make prices in approximately 10,000 unlisted foreign securities. The company is a broker-dealer in Argentina where the company is active in providing institutional executions in the local capital markets. The company, following its acquisition of G.X. Clarke & Co., acts as an institutional dealer in fixed income securities, including the U.S. treasury, the U.S. government agency and agency mortgage-backed securities to a client base, including asset managers, commercial bank trust and investment departments, broker-dealers, and insurance companies. In addition, the company provides a range of corporate finance advisory services to its middle market clients, including capital market solutions and a range of advisory services across a spectrum of industries. The company’s advisory services span mergers and acquisitions, liability management, restructuring opinions and valuations. The company also originates, structures, and places a range of debt instruments in the international and domestic capital markets. These instruments include complex asset-backed securities (primarily in Argentina), unsecured bond and loan issues, negotiable notes and other trade-related debt instruments used in cross-border trade finance. On occasion, the company might invest its own capital in debt instruments before selling them. The company also trades in various international debt instruments, as well as operates an asset management business in which the company earns fees, commissions and other revenues for management of third party assets and investment gains or losses on its investments in funds and proprietary accounts managed either by its investment managers or by independent investment managers. Physical Commodities segment This segment consists of the company’s physical precious metals trading and physical agricultural and energy commodity businesses. In precious metals, the company provides a range of trading and hedging capabilities, including OTC products, to select producers, consumers, and investors. In its trading activities, the company acts as a principal, committing its own capital to buy and sell precious metals on a spot and forward basis. The company’s physical agricultural and energy commodity business provides financing to commercial commodity-related companies against physical inventories, including grain, lumber, meats, energy products and renewable fuels. The company uses sale and repurchase agreements to purchase commodities evidenced by warehouse receipts, subject to a simultaneous agreement to sell such commodities back to the original seller at a later date. These transactions are accounted for as product financing arrangements, and accordingly no commodity inventory, purchases or sales are recorded. Additionally, the company engages as a principal in physical purchase and sale transactions related to inputs to the renewable fuels and feed ingredient industries. During 2015, the company transitioned the portion of its precious metals business conducted through its unregulated domestic subsidiary, INTL Commodities Inc., to the company’s United Kingdom based broker-dealer subsidiary, INTL FCStone Ltd., which is regulated by the Financial Conduct Authority (FCA), the regulator of the financial services industry in the United Kingdom. This transfer resulted in a change in the valuation of precious metals inventory held by INTL FCStone Ltd., as well as the presenta
intl fcstone inc
(INTL:Consolidated Issue Listed on NASDAQ Global Select )
708 Third Avenue
New York, NY 10017
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