StoneX Adds Australian Grains Markets to its City Index Platform
This new and unique offering aims at revolutionising the Australian grains markets by providing farmers and agribusinesses with fast accessibility, speed of execution and price transparency, all on their mobile phones.
Retail and/or wholesale trading accounts can be opened in minutes, on mobile phones and desktops.
SYDNEY, 17 July 2023 — StoneX Financial Pty Ltd, the Australian subsidiary of NASDAQ-listed broker StoneX Group Inc. (“StoneX” or “The Company”), today announced the launch of a suite of instruments aiming at revolutionising access to Australian grains commodity prices for local farmers and agribusinesses. Designed to allow farmers to hedge grains prices directly through City Index—StoneX’s proprietary retail platform in Australia—this initiative will package the likes of CBOT wheat, Kansas wheat, Minneapolis wheat, ASX wheat and ICE canola into easily tradeable, AUD/metric tonne denominated Contracts for Differences (“CFDs”).
Nick Orssich, Vice President – Ags, APAC, StoneX commented: “Individual farmers can now open a trading account in minutes and trade global grains products, priced in Australian dollars, by the tonne, rather than in US dollars and by thousands of bushels. This approach allows our customers to access live pricing from their smartphone in a form that is familiar to them and place trades instantly to take advantage of market moves.”
For nearly two decades, StoneX has operated its full-service trading desk in Sydney to handle institutional grains trades for growers, traders and buyers of physical cash market commodities, which will continue to be its focus in dealing with bulk commercial and institutional orders. By adding this new service, StoneX via its proprietary City Index platform, has opened up access to farmers and agribusinesses who may not have previously considered trading in these instruments possible or as easily accessible to them.
Tom Brown, Vice President and Head of Australia Retail, StoneX added: “We are excited to place the power of agricultural markets onto the smartphones of farmers and agribusinesses via our award-winning platform, City Index. Our customers in Australia can now quickly open a City Index trading account and access these instruments easily in a matter of minutes. This is a breakthrough moment for the grains industry in Australia, as it brings real-time prices and lower minimum trade sizes to all market participants.”
Greg Kallinikos, CEO, Asia Pacific, StoneX: “This latest addition to our APAC product suite further strengthens our expansion in both wholesale and retail markets. StoneX is in a unique position to provide a solution via its proprietary City Index platform, which addresses our customers’ demand for a reliable; easy to access way to trade agrimarkets products. Our international and Australian specialist teams have responded to market demand by creating the first ever offering of this kind, aiming at providing best-in-class market access and execution services to Australian farmers and agribusinesses."
Grains CFDs are now available on the City Index platform – visit www.cityindex.com for more information.
About StoneX Group Inc.
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its over 3,900 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 70 offices spread across five continents. Further information on the Company is available at www.stonex.com.
Head of Communications, StoneX Group Inc.