Fcstone
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| FCStone, LLC | |
| Type | Privately held company |
|---|---|
| Founded | 1924 |
| Headquarters | Des Moines, Iowa |
| Key people | Paul G. (Pete) Anderson, CEO |
| Industry | Risk Management |
| Revenue | 128 Million |
| Website | www.fcstone.com |
FCStone is a broad-based commodity risk management and trading company headquartered in Des Moines, Iowa. FCStone currently has 13 offices in the U.S., plus four international locations. In 2000, the company acquired Saul Stone, a futures commission company. The merged companies became FCStone Group, Inc.
[edit] FCStone Profile
Net revenues in excess of $125 million * Energy and agricultural products merchandising revenues of $1.4 billion * Total assets of more than $800 million and net income of $12 million * Serves more than 10,000 global clients * Employs approximately 450 people * Controls and operates more than 3,000 grain rail cars * Ships in excess of 100 million bushels of grain through a deepwater port in Mobile, Alabama.
The parent company operates through four commodity risk management platforms that operate individually.
[edit] History
A Brief History:
- In 1924, Mr. Saul Stone, a door-to-door egg wholesaler, formed Saul Stone and Company.
- The Chicago Mercantile Exchange, formerly the Chicago Butter and Egg Board, afforded Saul Stone and Company the ability to implement risk adverse hedging. In the 1930’s, as one of the first clearing members of the Chicago Mercantile Exchange, Saul Stone and Company became users as well as brokers.
- FCC’s roots can be traced back to 1955, when a company called Farmers Grain Dealers Association of Iowa first purchased a seat on the Chicago Board of Trade.
- In 1968, Farmers Grain Dealers Association began servicing its members with futures based hedging services.
- Throughout the years, Saul Stone and Company diversified, traded and hedged all kinds of agricultural commodities including eggs, butter, meats and grains. In the early 1970’s, Stone became one of major innovators on the International Monetary Market, bringing financial futures to the forefront of the industry.
- In 1978, a new entity called Farmers Commodities Corporation was formed to accommodate the needs for grain hedged brokerage services.
- Farmers Commodities Corporation became a clearing member of the Kansas City Board of Trade in 1983 and in 1985 purchased its first seat on the Chicago Board of Trade.
- In 1988, Farmers Commodities Corporation gained full clearing-member status at the Chicago Board of Trade, while expanding back office operations in Chicago to facilitate the rapidly growing volume of trades.
- By 1990, Saul Stone and Company had expanded its clearing operations to include all major futures exchanges in New York. Having member status and full back office operations at these various exchanges afforded Stones’ wholesale, institutional and retail customers full service clearing and execution.
- Farmers Grain Dealers, Inc., now known simply as FGDI, LLC, was established in 1991 to assist in their cash grain merchandising needs.
- On July 1, 2000, Farmers Commodities Corporation purchased Saul Stone and Company forming a new corporation called FCStone LLC, which is now called FCStone Group, Inc.
External Links
- www.fcstone.com
