StoneX is a global financial services intermediary that connects commercial clients, institutional investors, and retail traders to financial and physical markets worldwide. StoneX serves clients that are too small or specialized to be well-served by large global banks, yet require institutional-grade capabilities. The company earns revenue through three primary streams: commissions and spreads on transactions, interest and fee income on client float, and physical commodity trading. StoneX operates through four segments: Commercial, Institutional, Self-Directed/Retail, and Payments. The Commercial segment serves commodity-exposed businesses with risk management, hedging, OTC derivatives, and physical commodity trading. The Institutional segment provides broker-dealers, asset managers, and hedge funds with execution, clearing, prime brokerage, and investment banking. Following the acquisition of R.J. O'Brien in July 2025, StoneX is the largest non-bank FCM in the U.S. by required client segregated assets. The Self-Directed/Retail segment offers individual traders access to over 18,000 markets through CFDs, spot FX, and physical precious metals via FOREX.com and City Index. The Payments segment provides cross-border payment services in 140+ currencies across 180+ countries, earning the bid/offer spread on FX transactions through a correspondent banking network of roughly 375 banks. StoneX targets a 15% ROE and grows primarily through industry consolidation, ecosystem expansion, and cross-selling across its client base.