StoneX selects Genesis to automate middle office workflows

By Pavithra R

StoneX, (formerly known as INTL FCStone) has announced selecting Genesis, the global financial markets software firm, to fully automate and digitize middle-office workflows for its equities and fixed income trading business.

Established in 2009, StoneX is an institutional-grade financial services network that connects companies, organizations, traders and investors to the global markets ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service and deep financial markets expertise. As the industry faces various cost and regulatory pressures that have resulted in market consolidation over the years, the drive to achieve operational efficiency and business growth is paramount.

Under the deal, Genesis is empowering StoneX to achieve operational alpha with a robust and agile middle office application from the Genesis Application Library that meets the escalating client demand for productivity tools and improved client services. The application is multi-asset class and integrates with StoneX systems both upstream and downstream seamlessly using the Genesis Low-Code Application Platform (LCAP)  industry adaptors and APIs.

The Genesis LCAP is a low-code platform native to financial markets, built to address the specific requirements of the industry. It enables the rapid creation and deployment of applications to meet the traditional automation and simple Business Process Management (BPM) requirements as well as the complex use cases requiring sophisticated event handling processors and performance attributes such as low latency and high throughput.

“Genesis LCAP has allowed us to move away from manual time-consuming processes to a fully digital experience, giving us greater control of our operations and the ability to better serve our clients on top of accessing new markets and asset classes. The middle office solution has been so well executed and at such speed that if we had a conversation in the morning, a developer was building out the functionality by the afternoon. We have been constantly impressed by the expert and detailed financial markets technical expertise of the Genesis team and their agile approach to software development. Genesis will be a key partner in helping us identify and deliver immediate and future opportunities,” said Paul Wenman, Head of Business Development EMEA & Asia.

Following the acquisition of U.S. based brokerage GAIN Capital Holdings in February 2020, StoneX had three separate technology providers, the firm selected Genesis LCAP to streamline its middle office by delivering a performant, resilient application to securely address the complex workflows and to enable the firm to scale its nascent fixed income business.

Developed on Genesis LCAP, the middle office application digitizes previously manual, resource-intensive and error-prone tasks such as trade capture data, fee management, trade allocation & matching, and client trade confirmation. The agnostic, multi-asset class application enables direct trade capture and fully supports the management of Standard Settlement Instructions (SSI) data to ensure automatic integration with its settlement custodian, BNP Paribas.

“We are immensely proud of our collaboration with StoneX and delighted to deliver yet another innovative application from the Genesis Application Library that is built on the Genesis Low-Code Application Platform. Every firm is under pressure not only to automate their workflows but also to deploy new productivity tools and digital capabilities. This is exactly what our LCAP is designed to deliver, and we are delighted to be playing our part as StoneX continues to grow both its equities and fixed income businesses. We believe our relationship with StoneX is further evidence of our financial markets capabilities and ongoing demand for a low-code application platform and we look forward to continuing our collaboration,” said Stephen Murphy, CEO of genesis.

Recently, Genesis launched FX Prime Trade Capture application