StoneX Acquires R.J. O'Brien to Become Largest Non-Bank U.S. Futures Broker

StoneX Group has finalized its acquisition of R.J. O'Brien, creating the largest non-bank Futures Commission Merchant (FCM) in the United States. The merger unites two firms with a combined operational history exceeding 200 years in the futures and derivatives markets.

Founded in 1914, R.J. O'Brien oversees more than 75,000 client accounts and collaborates with roughly 300 introducing brokers. In 2024, the company generated $766 million in revenue and $170 million in EBITDA. This acquisition expands StoneX's client base and institutional presence across global markets.

The combined entity will offer clients a comprehensive multi-asset platform that spans global derivatives, OTC hedging, fixed income, physical commodity services, and logistics. The integration is expected to yield $50 million in cost savings and $50 million in capital synergies, while increasing StoneX's client float by $6 billion.

Sean O'Connor, Executive Vice-Chairman of StoneX, stated, "With more than 200 years of combined futures and commodities expertise, we are strengthening StoneX's role as an integral part of the global financial infrastructure." He added the deal creates "an unmatched knowledge base" and reinforces StoneX as a preferred counterparty for clients.

StoneX CEO Philip Smith emphasized that the transaction enhances the company's scale and capabilities across asset classes. He highlighted the benefits from combining advanced technologies and tools in OTC hedging, risk management, and liquidity provision.

R.J. O'Brien CEO Gerry Corcoran expressed enthusiasm for the deal, noting the company's commitment to maintaining service quality while leveraging StoneX's broader infrastructure. "We couldn't be more pleased about the cultural fit and strong client-first approach at StoneX," Corcoran said.

John O'Brien Jr., representing the O'Brien family, reflected on the firm's 111-year heritage and voiced confidence in StoneX's ability to continue their legacy while building a leading multi-asset global organization.

The acquisition occurs amid a broader industry trend toward consolidation, as firms seek to enhance scale and infrastructure to support multi-asset execution and risk management. StoneX's expanded platform and client network position it to compete more effectively in the evolving futures and commodities landscape.