StoneX Global Payments, a StoneX Group subsidiary which specializes in cross-border payments to developing countries, has hired Edward Phelps as its Head of Sales Strategy. Phelps, who served SWIFT for over five and a half years, announced his new role on Friday.

Phelps brings about a decade of experience to the role. His appointment comes less than a month after Cboe Global Markets appointed Vikesh Patel, a top SWIFT executive, to the role of President at Cboe Clear Europe.

At SWIFT, Phelps worked in various capacities, from acting in a Business Development (Corporates) role in 2017 to moving to an SME and Consumer Strategy role in February 2021.

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Phelps joined SWIFT from Ebury where he worked for almost five years. He served in various capacities including in corporate forex sales roles, at the fintech company.

Phelps’ appointment is one of a number of executive hires that companies under the StoneX Group, which provides execution, post-trade settlement, clearing and custody services to its clients, have completed in recent months.

In December, StoneX Group promoted Rana Khatlan, its events, sales and marketing executive, to the position of Marketing and Events Manager covering Europe, the Middle East and Africa. Earlier in November, StoneX Retail, the Group's FX and CFD trading division, promoted Adam Dance to Product Director.

StoneX’s Subsidiaries Face Regulatory Sanctions

Meanwhile, two different subsidiaries under the StoneX Group have recently come under regulatory scrutiny. On Thursday, the National Futures Association (NFA) slapped a $1 million fine on the subsidiary StoneX Markets, which is a swap dealer member of the NFA. The US derivatives regulator said the pecuniary penalty is to settle multiple charges of compliance violations against StoneX Markets. The subsidiary fine neither agreed nor denied the allegations but agreed to pay the fine.

Furthermore, in December, the NFA hit GAIN Capital, another StoneX subsidiary, with a $700,000 fine. The penalty, the regulator clarified, was for multiple compliance violations by Forex.com, which is one of GAIN Capital's retail forex brokerage brands.