SNEX · 10-K filed 28 Nov 2025 · year to 30 Sep 2025

StoneX Group

29 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Committed credit facilities

depends on · $1,705.0 millionnamed as a risk

As of the date of this report, we have various committed credit facilities under which we could borrow up to $1,705.0 million, consisting of:Risk factors (Item 1A)

Signature Bank

depends onnamed as a risk

For example, Signature Bank was a lender under certain of our facilities, and although we did not experience any adverse impact upon the receivership of Signature Bank, we could experience reduced access to liquidity due to failures of other financial institutions and other parties.Risk factors (Item 1A)

Partners and platforms

SWIFT

depends on · approximately 375 correspondent banks

We utilize the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) network as well as direct application programming interfaces (“APIs”) to service almost 100 financial institutions globally and connect them to our approximately 375 correspondent banks around the world enabling them to make local currency payments in a cost effective and secure manner.Business (Item 1)

Also named by CPAY

Introducing brokers

depends onnamed as a risk

Our failure to maintain our relationships with these introducing brokers or the failure of these introducing brokers to establish and maintain client relationships could result in a loss of revenues, which would adversely affect our business.Risk factors (Item 1A)

London Metal Exchange (LME)

operates in

Our United Kingdom (“U.K.”) subsidiary is one of only eight Category One ring dealing members of the London Metals Exchange (the “LME”).Business (Item 1)

Also named by MOD

Other companies

R.J. O'Brien (RJO)

$625.0 million

The acquisition has made StoneX the largest non-bank FCM in the U.S. and is expected to enhance its role as an essential part of the global financial market structure, offering institutional grade execution, clearing, custody, and prime brokerage across all asset classes.Business (Item 1)

Places

China

earns fromnamed as a risk

This includes jurisdictions, such as China, from which we derive revenue and profit, and in which the local government has not adopted specific regulations governing the trading of foreign exchange and CFD products of the types we offer to clients, and jurisdictions in which we operate or otherwise extend our services in reliance on exemptions from the regulatory regime.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Latin America

earns from

While growth rates have slowed, the highest rates of growth through 2028 are expected to be in Latin America, the Middle East and Africa, which we believe has the potential to directly benefit our payments business.Business (Item 1)

Also named by AMT, DCI, DOW, EZPW, FLS, MCO, SOFI, UBER and 2 more

Hazards

Russia-Ukraine war

exposed to its pricenamed as a risk

Factors that are particularly likely to affect price volatility and price levels of commodities include supply and demand of commodities, weather conditions affecting certain commodities, national and international economic and geopolitical conditions, including the war in Ukraine, the Israel-Hamas war and rising tensions in the Middle East, the perceived stability of commodities and financial markets, the level and volatility of interest rates and inflation and the financial strength of market participants.Risk factors (Item 1A)

Also named by ADSK, ATR, AVAV, CSCO, CTVA, EMR, FIS, FLO and 21 more

Commodities and inputs

Variable-rate debt

exposed to its price · $782.0 millionnamed as a risk

As of September 30, 2025, $782.0 million of our borrowings are subject to variable interest rates and as such, in periods of rising interest rates, our cost of funds will increase, which could reduce our net income.Risk factors (Item 1A)

Also named by COHR, CSW, DOC, MGRC, O, PKG, SNX, TOL

Short-term interest rates on client balances

exposed to its price · approximately $13.5 million less in annual net incomenamed as a risk

We estimate that as of September 30, 2025, an immediate 25 basis point decrease in short-term interest rates would result in approximately $13.5 million less in annual net income.Market risk (Item 7A)

Bitcoin

exposed to its pricenamed as a risk

We offer derivative products linked to Bitcoin and other cryptocurrencies in certain jurisdictions, and may expand the types of these products offered, the associated types of cryptocurrencies and the jurisdictions in which the products are offered.Risk factors (Item 1A)

Also named by ARLP, BLK, BMNR, COIN, GLXY, MSTR, XYZ

Precious metals

exposed to its pricenamed as a risk

In our precious metals activities, we act as a principal, committing our own capital to buy and sell precious metals on a spot and forward basis.Business (Item 1)

Also named by GLW, LFUS, MTRN, MTSI

Energy and agricultural commodities

exposed to its pricenamed as a risk

Our net operating revenues may decrease due to changes in client trading volumes which are dependent in large part on commodity prices and commodity price volatility.Risk factors (Item 1A)

Cotton

depends on

CDI operates a global cotton merchant business with a strong network of producers in Brazil and West Africa as well as buyers throughout Asia.Business (Item 1)

Also named by CAH, CROX, FPI, LULU, NKE, PVH, RL, TSCO and 2 more

Silver

JBR is one of only two UK companies accredited for the supply of “Good Delivery” silver to the London Bullion Market.Business (Item 1)

Also named by CDE, DC, EZPW, HL, LECO, LFUS, LULU, NEM and 2 more

Regulators

Financial Crimes Enforcement Network (FinCEN)

subject to · 41 state money transmitter licenses

In connection with our foreign-currency exchange risk management and payment solutions services business, one of our subsidiaries, StoneX Payment Services LTD., is registered as a money services business with the Financial Crimes Enforcement Network (“FinCEN”) and has 41 state money transmitter licenses and 8 license exemptions in the United States.Business (Item 1)

Also named by ABNB, ADP, AFRM, BMNR, COIN, CORZ, EEFT, FISV and 2 more

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk

Our international business operations are subject to various anti-corruption laws and regulations, including restrictions imposed by the Foreign Corrupt Practices Act (the “FCPA”) and trade sanctions administered by OFAC.Risk factors (Item 1A)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more

Commodity Futures Trading Commission (CFTC)

subject tonamed as a risk

We are required to comply with a wide range of requirements imposed by the Commodity Futures Trading Commission (the “CFTC”) and the National Futures Association (the “NFA”).Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

Financial Conduct Authority (FCA)

subject tonamed as a risk

The Financial Conduct Authority (“FCA”), the regulator of investment firms in the U.K., regulates our U.K. subsidiary as a Markets in Financial Instruments Directive (“MiFID”) investment firm under U.K. law.Business (Item 1)

Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more

CME Group

subject tonamed as a risk

In addition, the SEC, the CFTC, FINRA, the MSRB, the FCA, the Financial Services Authority, the Cyprus Securities and Exchange Commission, the Investment Industry Regulatory Organization of Canada, the U.S. Office of Special Counsel, the Monetary Authority of Singapore, the Australian Securities and Investments Commission, the Cayman Islands Monetary Authority, the NFA, the CME Group, Inc. and other self-regulatory organizations (commonly referred to as SROs), state securities commissions, and foreign securities regulators require compliance with their respective rules and regulations.Risk factors (Item 1A)

Also named by BGC, GPRE, MS

Laws and programs

CFTC Regulation 1.20 (client segregated funds)

subject to · $7.4 billion and $6.3 billion

We maintain client segregated deposits from our clients relating to their trading of futures and options on futures on U.S. commodities exchanges, making us subject to CFTC regulation 1.20, which specifies that such funds must be held in segregation and not commingled with the firm’s own assets.Business (Item 1)

U.S. tariffs on imported metals

exposed to its pricenamed as a risk

The graph above includes unrealized price movements in our precious metals inventories and related futures hedge positions during the period depicted in which we experienced temporary dislocations in published London spot market cash prices and Comex listed gold and silver futures contracts, related to potential tariffs to be imposed by the U.S. government on imported metals.Market risk (Item 7A)

Dodd-Frank Act

subject to

We are a CFTC registered swap dealer, whose business is overseen by the NFA.Business (Item 1)

Also named by AFL, AN, BGC, CNX, CPAY, EPD, EQT, FITB and 14 more

MiFID II

subject to

Where firms offer “execution only” services for certain financial instruments which are deemed “complex”, E.U. Markets in Financial Instruments Directive II (Directive 2014/65/EU) (“MiFID II”) requires firms to assess the appropriateness of those investments for retail clients.Business (Item 1)

Also named by BEN, BGC, CG, JEF, SF, SPGI, TW

European Market Infrastructure Regulation (EMIR)

subject to

The E.U. European Market Infrastructure Regulation (Regulation (EU) 648/2012) (“EMIR”) imposes requirements on entities that enter into any form of derivative contract and applies directly to firms in the E.U. that trade derivatives and indirectly to non-E.U. firms that trade derivatives with E.U. firms.Business (Item 1)

Also named by ADM, CBOE, JEF, UGI

Markets in Crypto Assets Regulation (MiCA)

subject to

StoneX Digital International Limited, the Group’s Ireland-based digital assets entity, is registered with the CBI as a VASP with the CBI, and intends to apply for authorization as a CASP in Ireland under MiCA.Business (Item 1)

Also named by COIN, HOOD

CFTC Reauthorization Act of 2019

subject to

The CFTC Reauthorization Act of 2019, which grants the CFTC express authority to regulate the retail forex industry, includes a series of additional rules which regulate various aspects of our business, including additional risk disclosures to retail forex clients, further limitations on sales and marketing materials and additional rules and interpretive notices regarding NFA mandated Information Systems Security Programs, including training and notification requirements for cybersecurity incidents.Business (Item 1)

E.U. Conflict Minerals Regulation

subject to

We are subject to the E.U. Conflict Minerals Regulation (“CMR”), and in the U.K, the FCA has recognized the Global Precious Metals Code in the U.K.Business (Item 1)