INTL FCStone officially announced its entry into the U.S. asset-backed securities market. Although the financial services firm has been trading ABS in the Argentinian market for years, this marks the formal U.S. launch.
Starting last fall, the broker-dealer divisions Rates Group of its subsidiary, INTL FCStone Financial began trading ABS with select clients in the US.
INTL FCStone Financial claims that it has entered this space due to client demand. According to a press statement, the firm now offers trading services for an assortment of ABSs, with an initial focus on highly rated credit card, automobile and equipment securities.
With this roll-out, we have expanded our offerings and diversified our business lines which we believe will provide a much-needed service to our clients. We intend to provide the same high-touch service and specialist expertise for asset-backed securities as we do for our other fixed income products. We look forward to exceeding our clients expectations in the ABS market, said Charles M. Lyon, head of the Broker-Dealer Division of INTL FCStone Financial.
