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By: Editorial Team, StoneX Media
Institutional trading platforms are increasingly judged by integration rather than individual product strength. In the latest quarter, StoneX delivered record performance in its global equities franchise during what leadership described as a comparatively normal operating environment rather than a crisis-driven surge. That distinction matters because sustained volume growth and broader client usage signal structural momentum rather than temporary volatility. The firm’s ecosystem strategy is now reshaping how institutional clients access markets across geographies and asset classes.
Jacob Rappaport, Global Head of Equities at StoneX, has spent more than two decades building market-making and execution infrastructure across global exchanges. His oversight of ADR leadership, U.S. listed equities expansion and outsourced trading growth gives him direct visibility into how institutional clients consolidate flow across platforms. That vantage point makes his assessment of ecosystem integration particularly relevant as capital markets competition intensifies.
StoneX equities scale is reshaping its relevance among institutional market participants. Rappaport, in conversation with Philip Smith, StoneX Group Chief Executive, highlighted the depth of that dominance by stating "This is our 11th year as the number one market maker in American depositary receipts and foreign securities traded in the US", underscoring sustained leadership rather than episodic success. Consequently, StoneX equities activity in ADRs and foreign listings has created a durable foothold with broker dealers and global issuers seeking reliable liquidity. As that leadership extends into U.S. listed equities, the expansion increases StoneX’s institutional relevance across a $50 trillion marketplace.
StoneX integration strategy is translating volume expansion into operational leverage. Rappaport notes that "our volumes are 34% higher than they were in the trailing 12 months", while also highlighting that "our risk book that we're carrying is the largest it's ever been by more than 25%", yet costs did not rise proportionally. As a result, StoneX is demonstrating that technology integration and internal risk management capabilities can scale without eroding margin discipline. This maturation strengthens institutional confidence that the platform can digest larger flow and broader mandates without compromising execution quality.
StoneX ecosystem connectivity is extending beyond secondary trading into primary capital markets and outsourced execution. Following the Benchmark acquisition, Rappaport highlights "about 11 capital markets transactions in the quarter of close to 2 billion in notional development", validating immediate traction within the integrated structure. Consequently, global clients now gain structured access to U.S. primary and secondary opportunities while leveraging StoneX’s existing equities and prime brokerage relationships. This cross-asset linkage shifts StoneX from a collection of discrete businesses into a cohesive institutional gateway capable of deepening client stickiness across regions.
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--- Expert: Philip Smith, Chief Executive, StoneX Group
--- Expert: Jacob Rappaport, Global Head of Equities at StoneX
--- Written by Gus Farrow, Senior Manager, StoneX TV
The subsidiaries of StoneX Group Inc. provide financial products and services, including, but not limited to, physical commodities, securities, clearing, global payments, risk management, asset management, foreign exchange, and exchange-traded and over-the-counter derivatives. These financial products and services are offered in accordance with the applicable laws in the jurisdictions in which they are provided and are subject to specific terms, conditions, and restrictions contained in the terms of business applicable to each such offering. Not all products and services are available in all countries. The products and services offered by the StoneX Group of companies involve risk of loss and may not be suitable for all investors. Full Disclaimer. This content is not intended for residents of any particular country, and the information herein is not advice nor a recommendation to trade nor does it constitute an offer or solicitation to buy or sell any financial product or service, by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Please refer to the Regulatory Disclosure section for entity-specific disclosures. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The information herein is provided for informational purposes only. This information is provided on an ‘as-is’ basis and may contain statements and opinions of the StoneX Group of companies as well as excerpts and/or information from public sources and third parties and no warranty, whether express or implied, is given as to its completeness or accuracy. Each company within the StoneX Group of companies (on its own behalf and on behalf of its directors, employees and agents) disclaims any and all liability as well as any third-party claim that may arise from the accuracy and/or completeness of the information detailed herein, as well as the use of or reliance on this information by the recipient, any member of its group or any third party.
© 2026 StoneX Group Inc. all rights reserved.
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