StoneX Group has appointed Gary Clifford-Newman, the former Director of Prime Services Sales at Sova Capital, as its Senior Vice President (SVP) of Prime Services Sales. Clifford-Newman announced his appointment at the financial services company on Monday through LinkedIn.

Clifford-Newman’s Prime Services Sales Career

The executive, who brings over a decade to the new role, worked for UK-based wholesale broker Sova Capital for over four and a half years. He served as the company’s Vice President (VP) of Prime Services Sales between 2018 and 2021. He was appointed the Director of Prime Services Sales in 2021. This was a position Clifford-Newman held until he was awarded this new appointment at StoneX Group.

Before joining Sova Captial, Clifford-Newmann served as the Vice President of Prime Services Sales at Linear Investments. Moreover, he doubled as the VP of Relationship Management at the company where he worked for over three years between July 2015 and August 2018. Furthermore, he held Associates roles at two companies between July 2009 and June 2015. While he was a Business and Relationship Management Associate at KCG Holdings, he worked as a Global Fund Services Relationship Management Associate at Northern Trust Corporation.

StoneX Recent Hires

In recent months, subsidiaries of StoneX Group, whose services cut across commercial hedging, global payments, securities, physical commodities, foreign exchange and clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term and execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term services (CES), have hired and promoted some employees and made some promotions.

Last month StoneX Digital, the digital asset unit of StoneX, and StoneX Global Payments, the company’s unit that specializes in cross-border payments to developing countries, hired Matthew Ardizzone as the Managing Director of Digital Assets. Additionally, it recruited SWIFT’s Edward Phelps as its Head of Sales Strategy.

Meanwhile, StoneX Group, which owns Forex.com and City Index, recently reported a dull first quarter in 2023 for its forex and CFDs business as revenue declined by 32% year-over-year to $48.8 million. However, institutional FX contracts revenue on StoneX surged by 74% to $9.2 million, with a 24% increase in FX average daily volume.

We are pleased to report Fiscal 2023 Q1 Earnings

"We achieved very strong results in the fiscal first quarter 2023, delivering increases in operating revenues and net income, which resulted in a diluted EPS of $3.62 and an ROE of 27.3%" - Sean O'Connor https://t.co/qKwHBKxT5e pic.twitter.com/oC5Z6h7ZAO

— StoneX Group Inc. (@StoneX_Official) February 8, 2023

In a different development, the National Futures Association recently hit StoneX Markets, another subsidiary of StoneX Group, with a fine of $1 million for multiple changes of compliance violations.