StoneX introduces new capabilities to facilitate transition to SOFR from LIBOR

StoneX Group Inc has launched new capabilities for its OTC buying and selling purchasers to facilitate the transition to SOFR from LIBOR.

The brand new capabilities embrace SOFR caps and flooring and can be found in StoneX Professional, StoneX’s flagship FX institutional buying and selling platform.

In December 2022, the U.S. Federal Reserve Board, by way of its Various Reference Charges Committee, adopted a rule that requires monetary establishments to implement SOFR as the first benchmark for in a single day charges.

Eric Donovan, World Head of Institutional FX, StoneX, commented:

“StoneX is dedicated to delivering the services and products our purchasers want to remain forward of the altering surroundings for rate of interest derivatives. SOFR caps & flooring have turn into the popular hedging answer for rate of interest threat because the LIBOR to SOFR transition continues amidst the next charge surroundings. These new capabilities in StoneX Professional will permit for a transition to the SOFR benchmark by an answer that’s seamless, built-in, and totally compliant.”

Josh Cannington, Vice President, Curiosity Price Derivatives, commented:

“Rate of interest dangers, each short-term and long-term, haven’t abated. StoneX Professional’s SOFR buying and selling capabilities will supply our purchasers an additional layer of near-term protections ought to circumstances out there change.”

StoneX Professional is a complete suite of institutional FX and CFD providers provided by subsidiaries of StoneX Group Inc. Its complete FX providing contains all main and rising market pairs, in addition to forwards, choices, NDF’s, and bodily settlement providers. The CFD product line contains streaming liquidity throughout 12,000 merchandise throughout FX, indices, metals, commodities, and equities.

StoneX Professional affords buying and selling platforms and API’s for purchasers throughout the institutional spectrum together with banks, various asset companies, corporates, household workplaces, retail brokers, and proprietary merchants. By appearing because the middleman between purchasers and Tier 1 monetary establishments, StoneX, by StoneX Professional, supplies its purchasers with institutional grade providers usually solely obtainable to the biggest of companies.

StoneX, by its Dealer-Seller division of StoneX Monetary Inc. affords monetary establishments a full vary of end-to-end buying and selling options throughout all asset lessons.