StoneX Markets, a subsidiary of the financial services provider, StoneX Group, announced that the company has introduced major improvements to its self-service OTC platform for commodities trading.
According to the official press release, StoneX Markets has digitized its OTC business to increase transparency. Through the platform, the clients will be able to receive market intelligence, risk measurement, scenario analysis and market execution through a singular technology offering.
StoneX mentioned that the new platform has been designed to provide smooth access to the company’s OTC Markets. MyStoneX will provide efficient risk management strategies and automated price indications to the clients.
Commenting on the latest announcement, Mark Maurer, CEO & President of StoneX Markets, said: “We’re excited to unveil MyStoneX, one of the most comprehensive and powerful tools on the market for developing and executing risk-based OTC hedging strategies. In addition to providing the industry’s most sophisticated technology offering that can support more than 200 commodity products.”
Earlier this month, StoneX Group reported its financial results for the latest quarter ended on 31 March 2021. The financial services provider reported a spike of 29% in quarterly revenues as the total operating revenues reached a record high of $471.4 million. Additionally, StoneX Group reported a significant jump in FX/CFD revenues after the latest acquisition of Gain Capital Holdings.
StoneX aims to provide a digital and transparent platform to its clients in order to facilitate OTC business. StoneX clients will be able to access the improved version of the OTC self-service platform through their MyStoneX portal.
“MyStoneX addresses an educational gap in the OTC marketplace and brings much-needed transparency to over-the-counter products. We believe that everyone from the professional trader to the farmer looking to protect his latest crop deserves to not only understand these products but also feel completely comfortable executing sophisticated risk management strategies. Our self-service OTC platform does just that,” Maurer added.
StoneX Group is a New York-based financial services provider with more than 3,000 employees. The company is currently serving various retail and institutional clients.
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