StoneX Introduces SOFR Swap Trading Capabilities

StoneX Group announced it has introduced new capabilities for its OTC trading clients to facilitate the transition to SOFR from LIBOR.  According to a story in MarketsMedia news, the new capabilities include SOFR caps and floors and are available in StoneX Pro, StoneX’s flagship FX institutional trading platform. In December 2022, the U.S. Federal Reserve Board, via its Alternative Reference Rates Committee, adopted a rule that requires financial institutions to implement SOFR as the primary benchmark for overnight rates. StoneX Pro is a suite of institutional FX and CFD services offered by subsidiaries of StoneX Group Inc.  Its FX offering includes all major and emerging market pairs, as well as forwards, options, NDF’s, and physical settlement services. The CFD product line includes streaming liquidity across 12,000 products across FX, indices, metals, commodities, and equities. StoneX Pro offers trading platforms and API’s for clients across the institutional spectrum including banks, alternative asset firms, corporates, family offices, retail brokers, and proprietary traders.   By acting as the intermediary between clients and Tier 1 financial institutions, StoneX, through StoneX Pro, provides its clients with institutional grade services normally only available to the largest of firms. StoneX, through its Broker-Dealer division of StoneX Financial Inc. offers financial institutions a full range of end-to-end trading solutions across all asset classes.