StoneX Acquires R.J. O’Brien in $900M Deal Amid Market Shifts
Key takeaways
- StoneX acquires Chicago-based R.J. O’Brien in a $900M cash-and-stock deal
- Move positions StoneX as a global leader in derivatives clearing across asset classes
- The deal reflects broader consolidation amid rising regulatory scrutiny and market volatility
The U.S. futures industry is consolidating, and StoneX is stepping firmly into the breach with its planned acquisition of one of the oldest and most storied independent brokers in the country, R.J. O’Brien & Associates.
The $900 million cash-and-stock transaction brings together two firms with deep roots in commodities and derivatives, and positions StoneX to expand its clearing power across global markets at a time of heightened policy risk and shifting trade flows. Announced this week, the deal is expected to close in the second half of 2025, pending regulatory approval.
Sean O’Connor, Executive Vice Chairman of StoneX, called the move “transformational,” noting it would significantly strengthen StoneX’s position as a global derivatives clearing leader while deepening its integration into the global market structure across asset classes.
As reported in Bloomberg’s review of the deal, the timing is more than strategic; it’s adaptive. As the trading environment adjusts to a renewed wave of tariff threats and evolving geopolitical pressures, firms with scale, capital flexibility, and broad product access are better equipped to weather dislocations. Gerry Corcoran, R.J O’Brien’s long-serving CEO, said the company considered multiple options to evolve before settling on joining StoneX. Corcoran will join StoneX in a senior leadership role and aid the transition.
The transaction brings 75,000 RJO client accounts under the StoneX umbrella, expanding its global client base and operational depth. StoneX will pay $625 million in cash and issue approximately 3.5 million shares of stock to complete the purchase. The completion will be subject to regulatory approvals and customary closing conditions. The firm will also assume $143 million of RJO’s debt. Bank of America is backing the deal with over $1 billion in financing.
Elsewhere in the industry, firms are racing to lock in scale. Just last month, CIH acquired Advance Trading in a similar consolidation play. In a tightening market, firms that can grow smartly – and globally – will be the ones left standing according to the report.
For additional details on the transaction and strategic rationale, read the full press release from StoneX.
Written by: Andy Catsimanes
Read the Original reporting by Bloomberg here .
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