DGAP-News: INTL FCStone Modifies Structure of Proposed Relationship With Cleartrade Exchange Due to Regulatory Environment
(firmenpresse) - INTL FCStone Inc.
10.07.2013 23:00
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NEW YORK and SINGAPORE, 2013-07-10 23:00 CEST (GLOBE NEWSWIRE) --
INTL FCStone Inc. (Nasdaq:INTL) today announced that it does not, in the short
term, intend to acquire an interest in Cleartrade Exchange (CLTX), the
commodity futures exchange headquartered in Singapore.
'Since INTL FCStone's announcement in May 2013 regarding our intention to
acquire a controlling interest in Cleartrade Exchange, an extensive due
diligence and joint strategy process has been undertaken. Despite the success
of this process in terms of verifying CLTX's operational and business
infrastructure, it is with regret that INTL FCStone has determined it is unable
to take any stake in the organization at this time. This change in strategy is
due to the recent publication of further Dodd Frank rules and the increased
complexity and current uncertainty that we see these placing on a business of
this type operating in the U.S.,' said Scott Branch, President of INTL FCStone
Inc.
Richard Baker, Chief Executive Officer of Cleartrade Exchange stated:
'Uncertainty associated with recent changes in U.S. regulatory requirements for
Exempt Commercial Markets, which CLTX intends to address through its
application to be registered in the U.S. with the CFTC as a Foreign Board of
Trade (and through interim registration as a Swap Execution Facility), is the
only reason INTL FCStone concluded it could not invest in CLTX at this time.'
Branch added, 'We continue to be impressed with CLTX as an organization and
hope to build a deeper relationship with the exchange going forward as a member
and liquidity provider. During our diligence process, some interesting and
mutually beneficial business opportunities were identified, and we plan to work
with Cleartrade Exchange to leverage our combined expertise in developing
these.'
'Naturally we are disappointed with this outcome,' stated Richard Baker, Chief
Executive Officer of Cleartrade Exchange. 'At CLTX, we were delighted with the
prospect of INTL FCStone becoming an investor and eventual majority owner in
our business. This result is not what either party intended. Getting to know
INTL FCStone's broad business has, however, been a significant and positive
process for the exchange. I look forward to welcoming them as a member and
continuing our close relationship in the future.'
Cleartrade Exchange will not be returning to the market for new investment in
the short term and confirms that it will remain wholly owned by its original
investor.
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
Follow us on Twitter/Facebook/YouTube/LinkedIn
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
statements.
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 release.
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: INTL FCStone Inc.
Kent Coughlin
Director of Public Relations
+1-615-234-2756
kent.coughlin(at)intlfcstone.com
Cleartrade Exchange
Alla Lapidus / John Norris
Moonlight Media
+44-(0)20-7250-4770
alla(at)moonlightmedia.co.uk / john(at)moonlightmedia.co.uk
News Source: NASDAQ OMX
10.07.2013 Dissemination of a Corporate News, transmitted by DGAP -
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The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: INTL FCStone Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US4590281063
WKN:
End of Announcement DGAP News-Service
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Datum: 10.07.2013 - 23:00 Uhr
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