Wedbush Securities Expands into FX Prime Brokerage, Taps Michael Stone as SVP

Wedbush Securities, a Los Angeles-based provider of private and institutional brokerage services, announced yesterday that it has scaled up its offering, expanding into FX Prime Brokerage services.

According to the official press release, the new business will be part of the newly named Fixed Income, Currencies, Commodities, and Securities Finance (FICCS) Division of Wedbush Securities, led by EVP Bob Fitzsimmons.

Michael Stone has been appointed as Senior Vice President (SVP) for FX Prime Brokerage, working out of the firm's FICCS Division office in Chicago, IL. He has taken on the new role since December 2022, based on his LinkedIn profile.

Prior to Wedbush, Michael has spent over thirteen years at Prudential Bache (later acquired by Jefferies), as VP. Before that, he served Royal Bank of Scotland as Head of Prime Brokerage Operations North America. Besides, Michael has been part of ABN AMRO for more than eighteen years, serving as Director FX Prime Brokerage.

"I, and my team from Jefferies, are very excited to join a firm that is so highly regarded in the Futures space, and look forward to building a business that adds value to mid-level corporates and professional trading groups who are perpetually in need of access to high-quality liquidity on reasonable credit terms," said Michael.

"With our launch into FX Prime Brokerage and having one of the best FX teams in the business, this definitely adds an extra level of service and investment opportunities for our clients," Bob Fitzsimmons stated.