R.J. O’Brien to Merge with StoneX Group in Major US Brokerage Industry Deal

R.J. O’Brien & Associates (RJO), the oldest futures brokerage and clearing firm in the United States, has announced a definitive agreement to merge with StoneX Group Inc., a Fortune 100 company and global financial services firm. The deal, which remains subject to regulatory approvals and customary closing conditions, is expected to close in the third quarter of 2025.

The transaction will combine all of RJO’s global operations with StoneX, creating a dominant player in the U.S. futures commission merchant (FCM) space. The move is positioned as a strategic alignment of two firms with complementary services and global footprints.

“Over a century of history in the futures industry”

“This is a transformational transaction for StoneX, establishing us as a leading global derivatives clearing firm and reinforcing our position as an integral part of the global market structure across asset classes,” said Sean O’Connor, Executive Vice-Chairman of StoneX. “Combining R.J. O’Brien’s extensive client network and proven clearing capabilities with StoneX’s deep liquidity, innovative OTC hedging solutions and leading risk management infrastructure, we are well-positioned to continue to deliver exceptional services, broader market access and industry-leading solutions to our combined client base.”

O’Connor also confirmed that Gerry Corcoran, RJO’s longtime Chairman and CEO, will continue in a senior leadership position at StoneX following the merger.

Corcoran commented, “We’re extraordinarily excited about this partnership between two great companies that each bring over a century of history in the futures industry and complementary capabilities, products, services and cultures. We both prioritize a profound commitment to our clients and a focus on prudent risk management. RJO’s clients will continue to enjoy the same enduring relationships with the brokers they know so well and the high level of service they know they can expect from us.”

Merger will open the door to an expanded product set across asset classes

He added that the merger will open the door to an expanded product set across asset classes, while improving efficiency, introducing new technology, and unlocking growth potential.

RJO has been privately held, with ownership primarily resting in the hands of the O’Brien family. Bob O’Brien, Jr., a member of the firm’s board, stated, “This transaction is the right step to take for all of our stakeholders to ensure we carry on the values that have made the firm successful while putting us in the strongest position to compete and meet the challenges of the evolving financial landscape. StoneX was founded just 10 years after my grandfather, John V. McCarthy, started our firm in 1914. Like RJO, it was one of the earliest clearing members of the Chicago Mercantile Exchange.”

O’Brien said the family will remain involved, now as major shareholders of StoneX. “We feel so close to our clients, brokers and employees; they’re extended family to us. This merger is the natural next step in the history of the company, and the O’Brien family is enthusiastic about playing a new role as major shareholders in another great company that will build on that legacy.”

Another board member, John O’Brien, Jr., reflected on the multigenerational legacy of the firm. “My father, John O’Brien, Sr. – and his father before him, Robert J. O’Brien, Sr. – led the firm to new heights. My dad worked harder than anyone I have ever met, and his focus on integrity and profound impact on the business were matched only by how much he loved to talk about and spend time with RJO’s clients, brokers and amazing employees,” he said.

He added that his father would have strongly supported the merger. “He would be the number one advocate for this transaction because it makes so much sense for all of our stakeholders – from employees and brokers to clients and shareholders. My father always said, ‘If you’re not growing, you’re dying.’ Gerry has done an incredible job leading the company and driving growth for over two decades while remaining true to our family’s principles. He found just the right home for us with StoneX.”

StoneX, with operations spanning six continents and a market capitalization of over $3.5 billion, will significantly expand its futures clearing business with this acquisition. RJO brings a global network of offices and affiliates across North America, Europe, the Middle East, and Asia. The integration will deepen the combined entity’s footprint in core derivatives markets and allow for broader service offerings across institutional, commercial, and retail segments.

Broadhaven Capital Partners is acting as the exclusive financial advisor to RJO, while Mayer Brown LLP is serving as its legal counsel.

The acquisition brings together two legacy institutions, each rooted in more than a century of futures trading. It also reflects an industry trend toward consolidation among FCMs seeking scale, technology investment, and broader distribution. Once finalized, the merger will reshape the competitive landscape in futures brokerage and clearing, strengthening the combined firm’s position as a central player in global derivatives infrastructure.