INTL FCStone Acquires Luxembourg-Based Interdealer Broker as a Brexit Hedge

INTL FCStone has announced the acquisition of Luxembourg-based interdealer brokerage company Carl Kliem. The deal is subject to an official approval on part of the local financial regulator, the Commission de Surveillance du Secteur Financier.

The move represents an expansion of the presence of INTL FCStone in continental Europe. Following the acquisition, the company will have a third location after Dublin and Frankfurt. Luxembourg represents a leading European financial hub, where a number of asset managers are located.

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Brexit Hedge

The looming changes to the financial industry from Brexit are prompting London-centered institutions to look deeper into continental Europe. With the race for the financial capital of mainland Europe heating up, the safe-haven status of Luxembourg is one of the 

The services provided by Carl Kliem include foreign exchange, interest rate and fixed income. The company employs approximately 40 people and has over 400 active institutional clients. The customers of the firm are to switch to INTL FCStone’s infrastructure in the coming quarters.

According to the official announcement made by INTL FCStone Inc., the price of the acquisition is not material.

Commenting on the news the Chief Executive of INTL FCStone in the EMEA region, Philip Smith, said: “This acquisition represents a tremendous opportunity to leverage a very strong European client base with the full breadth of product offering available within the INTL FCStone group. At the same time this acquisition provides an EU-based footprint for INTL FCStone post Brexit.”

Post-acquisition, Carl Kliem plans to expand the portfolio of exchange-traded and over-the-counter products which the company offers. The firm’s CEO also highlights benefits from increased clearing capabilities and global market access.

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