StoneX stands as a financial services provider, formerly known as INTL FCStone. Today, the firm announced that Genesis, a financial markets software provider, was chosen in order to help digitize StoneX’s Middle Office Workflows.
Genesis will do so for StoneX’s equities and fixed income trading business. StoneX is making plans to have its middle office operations be fully automated thanks to this recent selection.
Scaling Up The Equities And Fixed Income Businesses
The official announcement itself states that StoneX’s goal is to scale up the fixed income business, which itself is pretty nascent. Furthermore, the firm is aiming to make use of the Genesis Low-Code Application Platform (LCAP) in order to securely resolve complex workflows.
The LCAP itself allows for the rapid creation and subsequent deployment of applications in order to allow for simple Business Process Management (BPA) as well as traditional automation. It should be noted that StoneX itself had managed to complete its Gain Capital Holdings acquisition back in 2020, with the firm itself now boasting a total of three prominent technology providers.
The Mandatory Kind Words
Paul Wenman stands as StoneX’s EMEA & Asia’s Head of Business Development. In the mandatory public statement, he explained that StoneX had been allowed to move away from the time consuming manual processes thanks to Genesis LCAP. Indeed, StoneX can now provide its customers with a fully digital experience, allowing the firm to better serve its clients as well as holding greater control of its operations in general.
Alongside this, these new solutions provided by Genesis LCAP will allow for brand new asset classes and markets to be accessed by the firm. Wenman highlighted the speed and execution quality of this middle office solution, claiming that a developer could be building a new functionality by the afternoon if you had made a conversation regarding said functionality in the morning.
The Wheels Of Progress Turn Without Mercy
After the Gain Capital acquisition reached fruition, StoneX reported substantial revenues within the FX space. The volumes for both CFDs and FX saw a significant rise within these past three months, with StoneX planning to digitize its operations with various innovative technologies, as well.
Of course, Stephan Murphy, the CEO of Genesis, gave his side of the mandatory kind words, as well. He expressed the pride of Genesis when it could collaborate with StoneX. He highlighted various technical aspects of the Genesis Application Library and the Genesis Low-Code Application platform, revealing that every firm is currently under pressure to enact workflow automation.